In other words - Rent a garage, where the building owner “promises” he won’t let anyone into your stuff.
I do not trust handing over all of my own and my clients’ data to a third party.
It is a liability nightmare.
If my computer is hacked, then someone has made the effort to (first) identify it and (second) infiltrate it.
If the cloud is hacked, someone may well have simply infiltrated it - unless someone on the inside of the cloud gave them access.
In any event, I am held equally liable. I’d rather trust my own decision making.
Such things as you sound like you are using as an example of ridicule actually DO exist today; we call them rental storage lockers.
I probably would not want to keep the inventory of a jewelry store in there, but not everybody’s needs rise to that level.