For the majority of consumers, cloud backup makes more sense than tape backup -- few people have the discipline to stick to a safe backup regimen.
Plus you only do it once. Differential backup would take down the size of the next backups to a few Gb, or even Mb.
That's to say, there's more to it than upload speed, if Backlaze had servers in Europe I'd recommend it much more than I do.
I have several TB's of other data (mostly photos, videos, etc) that I'm fine waiting for weeks or months for if needed, but if you're in a hurry, Backblaze will sell you a hard drive that they restore your backup to and mail it to you.
Or I could just sign up for a cloud backup service, spend a month or so uploading my initial snapshot of data, and then backups are automatic and always offsite, replicated, and scrubbed. For $10/month.