Who knows? Maybe at one point people will realize the value of local mail storage and end to end cryptography.
Your main problem is going to be getting everyone to use it. If you converted 25% of the people using email today to an end to end encryption system it means that they can either only email anyone else in that 25% or anytime they send or receive an email from the other 75% it's not going to be encrypted the entire way.
Just curious if you do anything novel there.
With an HSM, it would have to be marked as exportable (bad for security), or to happen via some proprietary HSM to HSM cloning method endorsed by the vendor.
That said, I don't see that much HSM usage outside of the government or their contractors.