It makes sense if you view the HOV lane primarily as a way to reduce emissions, not traffic. This is also why e.g. single-rider motorcycles are often allowed to use HOV lanes as well.
> buying an EV does not actually reduce emissions like magic, unless the owner drives that car for a looooong time. Like 10-15+ years.
I find this timeframe surprising. I did some quick searches and there are models like GREET that suggest the break-even point is much sooner than that in the US. It is difficult to know for certain, of course, as there are many variables.
Regardless, it is of course better to incentivize long-term ownership as well. I think of HOV access as similar to a tax deduction on purchase. It’s a cheap way to provide a carrot for initial EV adoption.