I tend to re-encode as libx265 (preset veryslow CRF=18) which is a fairly transparent reencode at 20-40% the size, which lowers the storage cost to under $1 per disc. If you also have backups, that will double the cost, or you can accept the risk and re-rip them if you lose the drive.
[edit] They have 6TB and 8TB options now that are cheaper per-disc if you have more than 160 bluray movies.
Like, I manage an ebook library, and I easily spend more time and effort managing said ebook library than I actually spend reading the ebooks. So I'm hesitant to bring myself into movie library management when I have a fairly robust physical storage medium already handy.
And it allows me to mix together video files from BDs and DVDs with files from other sources (a lot of which are commercially unavailable, such as an Ethiopian film which has never been released except on VHS and a version of The Umbrellas of Cherbourg which has been modified to fix a color error) into one seamless interface.
Obviously, though, this is just what works for me. If physical BDs are easier then by all means go for it.
More recently I discovered (Title, Year) is near enough to unique that I can name my rips that and Kodi is happy.
Files don't get scratched or lost.
You can play them on your PC.
You can get right to watching the film.
You can use your favorite player.
You can use smooth video project to interpolate frames. Especially helpful, since the vast majority of content is 24/30fps, yet the vast majority of displays are 60hz or more.
25gig costs 50 cent / month to store on something easy like google drive.
For keeping a zfs cluster up and running and maintained, its probably way cheaper but still you pay for power, hardware and your labour.
Sure audio is always an issue, can't do much there.
I do set CQ a couple of stops higher for DVD, as per Handbrake recommendations, just because DVD has to get enlarged so much when watching fullscreen.
Streaming has similar bitrates than what you get when you reduce a BD down to 2-3 Gig.
It still looks good for sure but if I would buy the disk I would not reduce it as strong as 2-3. Perhaps 10gb.
As a physical disc you can keep in your possession, it's still really the only way to "own" a movie these days. Vudu is nice, and I'll do a lot of casual watching via my digital copy codes, but the discs are my "collection".