I realise I'm out of date with modern developments but I'm a bit puzzled with threads that I see regarding bearings. I still ride an old bike with Campagnolo Chorus hubs, the bearings of which are cup and cone. To lubricate or adjust them, I need to use my cone spanners. Are such hubs still manufactured and in use these days?
Someone could probably give you a more in-depth history lesson but in a summary, yes. Shimano in particular love cup'n cone and their higher-end hubs still consist of it.
However for alot of other people on the higher end market they're now using cartridge bearings, bearings pre-pressed into a sealed circular race that then get shoved into the hub. - I'd say they're less fiddly but also less adjustable as a result - Imho the biggest benefit of them is that you can't ruin said hub, unlike cup'n cone if you neglect them you'll destroy your hub for the most part. - That said, you can really dial in a good feel with cup'n cone. - Other brands still use cup 'n cone on their lower-tier hubs.
And most unbranded generic el cheapo hubs are indeed cup'n cone. - I've always preferred cup n cone (of low and high end) to these to cartridge bearings, more-so because Some cartridge bearings really can wear out fast. I'm talking less than 1,000 Miles fast, but that's only an exception or two.