It doesn't make any difference
I don't care if they drop the price to under a cent per petabyte per decade, it doesn't change the fundamental issue. Which is that they can hold your data to ransom because it's stored on a machine not under your control.
Who's to say that once you've become dependent on it and stored all your work on it, that they won't jack up the price knowing that you're now hooked? Every two-bit street drug dealer knows this gambit, and anyone who thinks that major corporations are any more ethical is deluding themselves.
Then there's the issue of solvency: what if the cloud hosting provider goes bust? Too bad, you just lost all your data eh? Sorry about that, but shareholders and creditors come first.
Then there's security and confidentiality. Suppose someone high-up in the cloud provider decides that your new design for a solar power generator should go to profit their corporation instead of you, you little upstart? Or if someone decides to go on a little fishing expedition, or a hostile ex befriends someone who works at the cloud company, or...
Yes, cloud has its uses. If you have data that you want to share with multiple people, such as a file locker, then it's just the ticket. But as a secure archival and backup system? No bloody way. Nothing beats storage on your own machines at your own sites under your own control. Not even cloud that only costs pocket change.