I mean that's just obviously wrong, though.
There is a point.
> Either you don't trust the cloud and you can run NAS or equivalent (with s3 APIs easily today) much cheaper or trust them to keep your data safe and available.
What if you trust the cloud 90%, and you trust yourself 90%, and you think it's likely that the failure cases between the two are likely to be independent? Then it seems like the smart decision would be to do both.
Your position is basically arguing that redundant systems are never necessary, because "either you trust A or you trust B, why do both?" If it's absolutely critical that you don't suffer a particular failure, then having redundant systems is very wise.