Many factors feed into this and some have already been mentioned.

Large farm (warehouse) type operations that have a lot of sunk costs and already paid for leases will still keep mining for some time before turning off. Many of these also have negotiated low industrial electric rates so are only paying 2-3 cents per kWh and can keep up longer than most home miners or small farm types.

There is a rather large portion of small miners, that each run maybe 1-3 rigs with perhaps 2-20 GPU's total, that have access to free electricity. These can be students in dorm rooms, renters with heat included in rent, people on some kind of government subsidy program, etc. SO any miners int his category that already own the equipment really have no disincentive to quit mining, especially if they don't need to sell coins right away. For this group mining is actually cheaper than buying coins as they are essentially free due to no electric bills.

Then their are the people who are mining at a loss, but continue on for some reasons. While it is true they could just buy the coins cheaper, as already mentioned in this thread, some seem to prefer mining over direct buying of coins. In colder climates mining can offset heating costs somewhat, assuming you are paying the bills anyway, so that can help offset a little, but not all of the current losses. There are also some from this group who mine to keep their coin accumulations anonymous, especially if solo mining to a clean (unused) wallet.

Its only been roughly 2 months now since ETH went POS, so I think many are still toughing it out hoping for a short bear market. As was mentioned by someone earlier, the last bear marker miners held strong for about 4-6 months before significant reductions of hash rates started to become clearly visible. This would put us in the January to March time frame before miners start "giving up" so to speak. Curiously, this is also roughly the same time frame some are predicting the crypto market bottoms start setting in.