Started with 50 MBps, went down to 20 MBps shortly after and is declining slowly since. Running for 7+ hours.
HDD is 5 years old, rare use but very well kept.
Edit: external 1.5 TB HDD connected over USB 3. Overwriting with zeroes while formatting using gnome-disks.
Update:
Stopped gnome-disks ~78% and continued writing zeros using dd for the remaining sectors.
command used: #sudo dd if=/dev/zero of=/dev/sda1 bs=1M seek=1001250 status=progress (don't copy without understanding), used seek here to skip already zeroed sectors.
write speed went up from ~14 MB/s to ~100 MB/s.
slow speed could be caused by multiple passes of overwrites by gnome-disks (not sure if it does that), or by "initializing the filesystem at the same time as zeroing" as mentioned by @ares35.
gradual speed decrement was observed in both methods, as mentioned by @Synthead.
Thanks to everyone for being so helpful.
correct me if I'm wrong but just overwriting the whole disk it wouldn't make a difference if it is SMR. SMR is only slower if you want to overwrite something kn the middle of it because it then needs to change and re write adjacent tracks.
I don't know what the firmware is doing here (it's device-managed SMR) but the write speed penalty also occurs for sequential writes in all DM-SMR drives I've seen measured.