An easy calculation shows how low the storage potential is.
Lets take a weight of 500 tones of steel, which would be 63.29 cubic meters.
Now sink those 500 tonnes into a hole a 100 meters deep that would make a rather lowly 0.1362 MWh of storage.
https://www.wolframalpha.com/input/?i=500+*+1000+kilograms+*...
Not sure what the cost of digging a 100 meter hole where you can sink 63 cubic meters of steel in would be, specially since water management is needed too.
I am not convinced that it is worth it.