All things being equal, you're right. I'd want to avoid the issue of wanting a lawyer and prefer the resources of a larger corporation making those decisions

But they're not equal.

The police can acquire a warrant and serve it to a select few megacorps for ALL of the footage at a specific location for a specific time range. That's setting aside some policies where there's active cooperation between the megacorp and the police. By hosting it myself, I avoid this sort of blanket privacy violation.

In my particular situation, I'd guesss it would entirely eliminate police acquiring a warrant for my footage unless I'm a criminal suspect or there was a crime committed in my front yard. Maybe I'd be a bit more forthcoming anyway if a crime happened on my property :P

Maybe your situation is different?