Small objects (especially small hot objects) are actually problematic in S3. They cache them in the keymap instead of retrieving from block storage. But many small objects can quickly blow out a keymap shard. The keymap is designed for high-performance lookups. Because of this, it's also more expensive to scale out this class of 'storage' at the keymap layer than to scale out block storage. And you still have to do quorum writes to block storage and then cache eviction at the keymap.
If you're doing this for slow-moving leader election in a small cluster, fine. But if, for example, you started using this for leader-election among end-user-defined workloads that could scale up/down, you might find yourself on the other side of a call from AWS.