When I first saw this, my thought was it's highly misleading since you'd normally be fronting S3 with a CDN, so you'd only have to pay once to transfer a given resource every few days/weeks/months if the CDN is doing its job, and it can be served to millions of people at no or low cost (already been free on Cloudflare for a long time).
Then I came to my senses and realised there's probably orgs who don't know/care about that and they're actually paying these fees for every request.
Anyway, it's excellent to see this released. S3 is not just more expensive and tied to a single data centre. It's also bad DX, e.g. setting up permissions is way too complicated and the console is "brutalist" in both look and function. I hope this spurs some more competition in the area of storage.