The prescription of changing sequential_page_cost to equal random_page_cost is certainly reasonable for SSD, but I wonder if the underlying issues aren't somewhat deeper and more interesting. One difference between a sequential scan and an index scan is the amount of data being scanned. PostgreSQL stores information horizontally as rows and a sequential scan will have to read in all column values of all rows. An index scan will read through all values of a _single_ column. The 50x performance difference _might_ be just that the whole row is 50x wider than the width of the indexed join column.

An interesting second factor relates to the nature of the SSD storage. With SSDs a read request will pull back a 4K page, even if the read request was smaller. So it's not quite right to say that a sequential read and a random read cost the same on SSD, particularly if the same 4K page must be read multiple times. I suspect that the particular index technique used by PostgreSQL tends to organize data such that successive indexed values reside in the same 4K SSD page. IOW, it's not so much that the cost of random SSD access is the same as sequential SSD access (though that's true), as it is that the PostgreSQL index mechanism doesn't require multiple reads of the same 4K page.

if a Hash-based index was used instead of a Btree-based index, and if the table width was narrower, the sequential scan might have outperformed the index scan.