I'm talking out my ass but I feel like Blu-ray never really caught on like DVD or VHS.
You're correct. DVD surpassed VHS in terms of market share globally by 2003. Blu-ray has gotten close to matching DVD as they compete for market share, but not close enough. And it's never surpassed DVD's market share. And UHD will likely be the final physical home media format. It won't ever surpass the DVD or Blu-ray market share. In fact, some corporations already stopped making UHD players. And they're still making Blu-ray players despite that.
Lifetime Sales Predictions
Switch: 151 million (was 73, then 96, then 113 million, then 125 million, then 144 million)
PS5: 115 million (was 105 million) Xbox Series S/X: 67 million (was 60 million)
PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)
3DS: 75.5 mil (was 73, then 77 million)
"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima