I always found this confusing, but it made more sense once it was described as being like if you had an account with a blank passwordIIRC, you can't truly disable encryption on self-encrypting drives (i.e. TCG Opal). If you aren't using encryption then volume is always unlocked (i.e. doesn't require a key to unlock the encryption key and access the drive), but the controller always encrypts/decrypts all data as it enters/exits the drive. Which explains why there is no performance difference between the HW encryption enabled vs disabled results.
If you enable BitLocker on a self-encrypting drive the utility jumps from 0 to 100% encrypted because it knows the drive is already encrypted - it just sets a key