ARM vs 8051 is a licensing fee thing usually. 8051 license terms are extremely generous compared to ARM as far as I know. RISC is a being explored more readily, but toolchains are not nearly as robust as arm/8051.
Just a few years back, I checked out datasheet for an IC encountered in an USB card reader (newly bought).
Turns out a 8051 core was included (iirc clocked @ ~30 MHz, to control jobs like light busy LED on card read/write ops, some bus arbitration / priority settings, power management or the like).
Made total sense to encounter an ancient, 'fast', tiny 8-bit core there, even though unexpected.
There must be (and will be) an endless list of products including tiny CPU cores like that (eg., RFID tags come to mind).
The 32-bit ARM and RISC-V cores are small enough and easier to program.