Having cheap storage is not a valid reason to not to use that space efficiently.
With today's, even last decade's processors, encoding FLAC at ripping speed is not even a CPU saturating task, and decoding is merely a blip on processor's queue. If I can store the same bitstream on a smaller space, why shouldn't I?
If we're not compressing anything, why not forego lossless compression completely? Let's not GZ/XZ our log files. These 20MB files will become 30-40GB, but heck, a 4TB drive is just $65.
Similarly, let's not compress gigabytes, even terabytes of genomic data, scientific outputs and other stuff. They're just ASCII or Unicode strings, a high-schooler can figure these out. Why invest time in lossless compression tools like XZ and ZStd? They just use CPU cycles needlessly.