People might consider mining in order to get KYC-free sats. If you hold for long enough, the premium you pay for them today by mining could be recovered through Bitcoin's price appreciation.

There's also the option of mining for heat generation. If your home is already heated with electric heaters, it will be more cost effective to heat with mining.

Then some people aren't mining for financial reasons, they might do it as a hobby, or they might mine at a loss in order to help keep mining decentralised.