Vinyl as a format for the majority of the world probably makes little sense, and yet it actually has managed to reclaim some market share. Very, very little, but it is there. I notice a moderate amount of Bandcamp distributing artists offer vinyl issues. I suspect that for many people the tangibility of holding something, and the cover/sleeve/vinyl disc artwork are a big part of why they continue to buy vinyl still despite the downsides of the format.
There are people who genuinely believe, and because they believe, hear vinyl as sounding better. Defies logic perhaps, but nonetheless those vinyl aficionados still exist and they do indeed spend money on the format, quite a bit actually from what I can tell.