A PS4 Bluray drive cost Sony $28 back in 2013. It's probably cheaper now. It is very low power, so it won't affect the rest of the system (power supply, cooling, etc). Since Sony and Microsoft both have a vested interest in Bluray, it makes sense for them to include a drive in their consoles.
Blurays cost less than $2 (probably closer to $1). A 64 GB flash cart costs about $3 (based on what I could find through Google). As a publisher, I would much rather have the extra $1 to $2 for every copy that I sell by using optical media.
Since all games install to the local HDD now anyway, there isn't a big difference between load times (and most games hide the load times during cut scenes).
And personally, since I buy most of my games digitally now, I don't really care either way.
PS4 Bluray Hardware Cost Source
http://press.ihs.com/press-release/design-supply-chain-media/sony-nears-breakeven-point-playstation-4-hardware-costs
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