- Database needs to be distributed to your servers
- Database can become out of date easily
- Database lookup requires going to local disk and having a relatively fast access path/cache for lookups
- In general, a local database requires a large amount of effort compared to just running a curl in your PHP code.
If you are actually going to use a database, the proper solution does not look like "put it on your webservers" anyway, it looks like "put it on a separate service with a fast caching layer" etc etc. So in other words, the proper solution to decouple yourself from a 3rd party API is to... build a 1st party API.
In other words, not a 20 minute job. For small shops, a quick curl during the page load is a 20 minute job.