Even if we say "you get N months of storage before we delete it" and subtract N * current storage cost/month, what happens after you're locked out of all actions because you added an extra GB? Storage APIs cost money to use, so you would get locked out of those too (note that if you're not, people would set arbitrarily low limits and get storage access for free) and couldn't retrieve anything. The only remaining actions are delete (which is free) or raise the quota and do the whole rodeo over again.
Abuse is impossible to ignore at public cloud scale, so "free storage forever" (or even, storage at a one time fixed price) as the fallback isn't a viable option.
Lastly, from an optics perspective, which blog post would you rather see on the front page of HN: "I did something dumb and spent too much money on Cloud" or "Google is holding our data hostage" (or "Google deleted all my data")?
Source: I launched Firebase Storage, which has a GCS bucket that has a hard limit.