1. Sensitive/Confidential info - I would never feel comfortable storing any kind of documentation on a 3rd party server that is sensitive to me like mortgage docs, tax docs or receipts.
2. Many companies have a strict policy disallowing use of Dropbox because it would leak information. On a personal level, any kind of work that I don't want to share with others (this includes Dropbox employees) does not go on Dropbox.
3. Slow, limited or capped internet connection. 50GB over the wire in those circumstances will net you a very, very big bill.
Just because you can't understand why someone wouldn't use it, doesn't mean there is no use case for it.