LFP is really catching up in terms of energy density, but not power density. LFP cells would give incredibly weak performance in something like a power tool battery, because they can't supply anywhere near the peak current of modern NMC cells, particularly pouch cells or tabless cylindrical cells.

For bulk storage LFP is a no-brainer, but there are still a lot of applications where you really want fast charging or need to handle big surges of current.