I'll add that rolling your own means you're the only one exiting that IP address, so if your threat model involves websites profiling you and/or alternative accounts that won't help.
If the threat model is a government, Tor is the only safe solution, and only after extensive training and safeguards. Using anything else is actually-crazy.
This is precisely the point that the threat model bares its fangs. You can ignore it, but you should be aware that you're putting all your faith in that service.
A hypothetical Good VPN doesn't exist in China, for example, because they're legally not allowed to do what you suggest. Many of us don't live in China, but some do. Even outside of China, is it really true that a VPN service will simply give LEO the finger when they ask "Who was downloading child porn off your servers?" I'm skeptical they can.