"Except S3 storage isn't actually all that cheap anymore. Amazon has literally never changed the price of S3 storage over the last decade even though storage costs have plummeted over the same time period."

I don't think that's true ... we (rsync.net) try to very roughly track (or beat) S3 for our cloud storage pricing and we've had to ratchet pricing down several times as a result.

I don't think we just imagined it ...