It is common to have backups with retention of 10 years, some may have 20 years for legal reasons… but the majority of people don't understand the difference between "readable" and "usable".
Of course, it depends on the data… And there are companies backing up whole virtual machines with infinite retention, believing to be able to run them: it is hard enough to restore a vSphere 5.x machine on a brand new vSphere 8, I really don't understand this waste of space.