iCloud storage includes file storage, iOS backups, mail (if you're using an iCloud email address), and photos. It doesn't have the same features as Dropbox or Box, but I prefer it simply because it works fine for me. I'm on a 200GB plan and plan to upgrade once the family sharing plans are live.
Personally, $120/year for 2TB of online storage for a service I regularly use is actually great. But I'm still disappointed that iCloud only comes with 5GB of free storage and the pricing options of lower tiers hasn't really changed.