For solid state drives a lot of the issues are firmware problems. Things like drives becoming very slow over time have been caused by things like imbalanced internal data structures. Some are media related, e.g. some drives experience slow reads on old writes, because the voltage levels have decayed which necessitates internal retries or slower read speeds. Things like SSDs failing to enumerate are probably controller issues.
In my experience both can fail either slowly, with degraded performance, or fast and total. However, known-good SSDs (most of Samsung, Intel) tend to be very reliable. Good hard drives too.
This is all among consumer drives though, enterprise stuff probably behaves better?
I'd love to see some kind of statistics on actual failure modes, but aside from Backblaze, everyone keeps their storage statistics private.