While we have a mechanical meter at our current house and our previous one, my parents had a (much smaller) electronic turbine meter, as do both my rental properties. Based on my small sample size, I would say that "almost all" residential properties is a little inaccurate - my sample saying that only 2 out of 5 are mecahnical type (of unknown internals).
However, among the reasons for keeping them, and indeed continuing to fit them, are their simplicity, long term accuracy, and reliability - not to mention cost.
EDIT: My parents had their gas meter changed as (I assume) the battery ran out. The display started getting harder to read (lack of contrast in the digits) which is typical of an under-driven LCD display. The whole procedure was a farce ...
When dad had remodelled the room the gas meter was in, he had made a cabinet to hide the meter which took the depth of the meter (and a little more). No way would an old mechanical job fit without him having to make a new cabinet to take the depth, and which would (apart from being difficult in terms of matching materials) also start to encroach into the space needed to use the loo (neither the meter nor the loo were moved during the remodelling). He had pointed this out to them while requesting the new meter - and they didn't even want to fit a new meter till he told them "faulty display" which meant no more meter reads for them.
IIRC there were something like 3 or 4 visits before someone came with a meter that would fit - even though they came with a note on the job sheet about which meter to take along.
And for good measure, he had to rearrange one appointment to avoid a clash with a hospital appointment (he was having treatment for what later turned out to be cancer) - which resulted in a "snottygram" letter threatening legal action if he continued to refuse to allow the meter change. Not being the sort of person to allow such a thing to pass uncomplained about, and knowing how to express himself when complaining, he received quite a grovelling apology about that.
And finally, AIUI these new (so called) smart meters are supposed to have a 10 year battery life - after which the meter has to be changed. Doesn't sound like a low cost option compared with the old mechanical types with much longer service lives.