I doubt it's a great choice for long term energy storage.
We'll get there. its early days
Problems of the booming nature is a different topic.
For long distance heavy trucking, batteries are both very large and heavy. Hydrogen can offer an alternative there.
For air travel, batteries are very very heavy. Hydrogen is as far as I can google comparable with gasoline on that front, so an attractive proposition there as well.
* It can use spare renewable energy.
* It can be made with spare nuclear energy.
* It can be an input for large scale industrial processes like fertilizer production.
* It can be stored in old gas fields.
* It could be blended with natural gas and burned.
* It is a promising airline fuel
* It fits in well with existing oil infrastructure.
* It may be a fuel for vehicles and trains.
And many of these elements could exist within a small area. An oil refinery, chemical works, offshore windfarm, a few modular reactors, gas fields, natural gas exports, rail line, airfield. All within 50km and all potential suppliers and customers.
Although I am a bit uneasy about blue hydrogen!
Also, we really need to switch from saying "It can use spare renewable energy" to "the renewable energy built to power it can, in times of need, be directed to the grid instead, replacing peaker plants".
Same thing essentially but just 10/90 vs 90/10 on how much is used for the new thing, and how much goes to the grid for traditional uses.
(1) poses defense and logistic problem. We become victims to the whims of our neighbours (politicians in our neighbouring country have more than once threatened to cut our water supply). While, we do import water from malaysia, we can also be fully self sufficient should the need arise thanks to desalination and rain water cachement. As a small nation we have a requirement to defend ourselves. Petrol is very convenient as we have massive reserves that should last us a year should we need to go into siege batteries on the other hand don't. Thus a hydrogen economy is a massive game changer for us.
(2) is something we may explore. But as a land scarce island with no prior nuclear technology, we would need to develop new technology from scratch. It could easily be decades before a sufficiently large yield and safe reactor becomes available. Hydrogen on the other hand has a shorter run way.
Take the gas burned in homes for heating, burn it in power plants to generate electricity, power much more efficient heat pumps. We're already saving money and energy. Some countries figured this out in the 1970s.
Simultaneously, build out cheap renewables, to burn less gas for electricity production.
Same story for vehicles, take that oil/gasoline, burn it in power plants, use it to charge much more efficient EVs.
Hydrogen then can replace fossil fuels in other areas, e.g. fertilizers. (Again, put that now unused gas into electricity plants).
And so on, a virtuous cycle that takes you all the way to net zero and beyond.