There are a variety of RPi 5 NVMe HATs from various manufacturers. Some are bottom HATs with no possible access to the GPIO pins, some are top HATs that have no GPIO surface mount connector (for example, several Geekworm products), and some are top HATs that do have a GPIO connector. Some the products that do have GPIO connector claim to pull power from those pins, but no other signals.
The
Pineberry Pi Hat Drive Review: Use NVMe SSDs with Your Pi from December 2023 states:
“Hat Drive Top has an additional passthrough for the 40-pin GPIO, although it doesn’t use it. This passthrough is solely there to provide access to the GPIO, and eventually to use the best HATs.” Interestingly, several owners of both the top and bottom Pineberry HATS have anecdotally reported significant speed differences when using the same NVMe drive, with the faster speeds attributed to the top version of the HAT.
With the recent introduction of the official RPi NVMe HAT, they released a schematic of the official reference design for other manufacturers to follow. As you can see in the upper left corner of the schematic, it appears that the official RPi NVMe HAT is using several electrical connections on the GPIO pins besides power:
https://datasheets.raspberrypi.com/m2-hat-plus/raspberry-pi-m2-hat-plus-schematics.pdf
This makes me wonder how stable 3rd party NVMe HAT products are in comparison to the official HAT. It also makes me wonder if we will see a flurry of second generation 3rd party products that incorporate some or all of the reference design attributes.