I think the demographic exists for both in most places. Tacomas get imported into many countries I understand in South America like we do with 25+ year old trucks, for enthusiasts who like the more comfortable highway ride, power, more aggressive looks, etc. Just like here there's still a small number of buyers who would opt for a stripped down utility truck. It's a segment that is filled with poverty spec F150s and Super Duty trucks to some extent and others (like me) just buy a used Tacoma and build it down (steel wheels, taking out OEM stereo, inverters, etc.). I'd have happily bought a new(er) Hilux if it was available but I had to accept the reality that is. Toyota is above all not stupid, they know how to maximize profit so markets get what sells.
I don't think Tacoma's are nearly as coveted overseas as Hilux's are here in the North America.
The difference in ride is marketing drivel on Toyota's part...suspension tuning could easily adjust the ride quality. The Hilux comes with higher (more luxurious trim levels). And Toyota could easily adjust the interior design for the North American market (just like they do for the 4runner and GX).
I think 10 years ago, Toyota may have had a hard time selling a Hilux-like vehicle because consumer expectations for the midsized segment were low....I think nowadays that most midsized buyers want more out of these trucks and the Hilux would sell just fine. If Ford, and a lot of loyalists, thought a 1500lb payload, 7k lb towing midsized Ranger would be a good idea, why would the Hilux be bad idea by comparison? They're both similar enough in terms of capabilities.