Any single backup is a stupid idea. Combine them, and you've got a great backup solution. Why would I keep important data in one physical location?
My house could burn down tomorrow, but I'd still have my cloud backups. My cloud backups could roast in a fire tomorrow, but I'd still have my local backups. And probably several other cloud backups.
If you put all your eggs in one backup, sooner or later, you're going to get screwed.