It also requires significant space and particular configurations (must be on a river, must be in a hilly or mountainous area, etc.) It also isn't necessarily scalable -- how many more dams can we build?
You can build a crane and blocks or drill a big hole in lots and lots of places.
So yes, pumped hydro is better than fossil fuels. But also it's not something we can consider to be the ultimate solution to the issue of storage. By all means, let's use it (and we do use it today), but not stop there.