They are still sold because they are still an excellent source of biological filtering. despite their drawbacks. In a freshwater system they work wonders. But then again, we dont' utilize refugiums and skimmers on a freshwater system, the closest thing I think we have is a well densly planted tank. Otherwise it's a matter of water changes to reduce nitrates.
In a marine system the liverock and sandbeds can actually cause natural nitrate reduction but alot of tanks do not have sufficient live rock, sandbed, or a refugium and they rely soley on their skimmers and water changes for nitrate reduction. With a decent skimmer, fuge, and LR/LS, I would think bioballs would work out nicely. The bioballs themselves do not "make" nitrates, nor do they "add" to nitrates. The bacteria on them simply does not eat the nitrates out of the water column. So if you have enough anerobic zones in the tank colonized appropriately and naturally reducing nitrates, I would not think bioballs would even be a factor. But I've yet to put that to the test.
So answer put simply: Bioballs are still sold cause they are one of the most effective means at biological filtering. Bacteria eats the ammonia, converting it to nitrites, and that into nitrates. Wa-la, that is biological filtering. Bacteria eating the nitrates is going one step further and not exactly neccessary since proper maintanance will reduce nitrates as well i.e. water changes.
One last tidbit. Bioballs are also almost comletely useless to have in a reef system since we rely on the rock and sand for filtering purposes. It would be like having 200lbs of LR in your 100g tank, and still adding a HOB powerfilter to fitler your tank. It's just not needed. The tank is filtered enough already with the rock.