Google Drive appears to be targeted at "human" usage, i.e. people uploading or creating files. I would guess that this is also worked into the cost – that the assumptions of the amount of work a human can do are a part of the price formulation. The reporter of this bug seems to be using this as a storage backend for software though, which I don't believe is the intended use-case.
Looking at S3 pricing, just the storage is ~5x the cost of Google Drive, and then you need to add transfer and API calls on top of that.
I don't personally think that there are reasonable use-cases for human users with 5 million files. There may be some specialist software that produces data sets that a human might want to back up to Google Drive, but that software is unlikely to run happily on drive streamed files so even those would be unlikely to be stored directly on Drive.
(Disclaimer, I work at Google, not on Drive, this is my personal reading and interpretation of the public info, I don't have any inside info here)