Something like this?
Nothing like that. Look at the exploded view of the FH-5800. The axle doesn't pass through the lock nuts like it used to on old fashioned hubs.
Why do they still use loose ball / cup and cone (what's the correct term?) bearings?
Why do they still use loose ball / cup and cone
Because you can't fit a cartridge bearing with 9×¼" balls inside a cassette.
@Tijmen started
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Nothing like that. Look at the exploded view of the FH-5800. The axle doesn't pass through the lock nuts like it used to on old fashioned hubs.