The trade-off of trusting one company
When you save a file to a typical cloud storage service, that file lives on servers owned and operated by a single company. That's convenient, but it means you're trusting that one company to keep its servers running, to not raise prices on you later, and to not remove your content if it decides to. If that company has an outage, changes its policies, suspends your account, or goes out of business, your access to that data can disappear along with it.
This isn't a hypothetical risk. Centralized platforms have taken content offline for policy reasons, restricted access in certain countries, and in some cases shut down entirely, taking user data with them. None of this requires bad intent, it's simply what happens when one party has full control over the only copy that matters.