Because they dont sell Time Capsule anymore. And they want you to backup everything to iCloud to grow their Services Revenue.
But we shall see!
Hopefully they will provide the ability to backup and restore file versions!
But iCloud isn’t a backup.
Its sync.
And it will happily sync corrupt files and does not provide any versioning.
The best TimeMachine is an SSD connected locally to the Mac.
The second best is an SSD running on a Mac setup with TomeMachine Server.
Then you are lucky if backups continue to work. And even luckier if you can sensibly restore anything via the hellscape that is the interstellar wormhole travel interface! ;-)
BackBlaze is very reliable at least! Not cheap with a house full of computers to backup though :-/
It does not even provide a basic progress bar when used on the phone.
My current desktop Mac environment is a direct descendant of my original Mac from 2004 thanks, largely, to Time Machine.
Both machines on wired gigabit ethernet, yet the restore took more than 24 hours. And that was for just a 1TB disk.
But hey, we get new emojis and moving desktop wallpapers…