Ultimately it doesn't really matter how people interpret what the lanes are supposed to be there for. What matters is the laws.
There's a subsection of the HTA requiring moving right if you're going slower than traffic:
147 (1) Any vehicle travelling upon a roadway at less than the normal speed of traffic at that time and place shall, where practicable, be driven in the right-hand lane.
Even if you assume that applies when driving above the speed limit, they still wouldn't be required to move over if they're travelling the same speed as other traffic on the roadway, like you described.
There's another subsection that requires moving right for an overtaking vehicle but that one doesn't apply to HOV lanes.
I think you might have an argument that they need to move out of the HOV lanes if going slower than other traffic, but I'm not aware of this ever being enforced for someone already going over the speed limit. Otherwise though they are allowed to be there and don't need to be going 120+.
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