For example maybe you have ~500 GB of data across millions of objects that has accumulated over 10 years. You don't even know how many reads or writes you have on a monthly basis because your S3 bill is $11 while your total AWS bill is orders of magnitude more.
If you're in a spot like this, moving to R2 to potentially save $7 or whatever it ends up being would end up being a lot more expensive from the engineering costs to do the move. Plus there's old links that might be pointing to a public S3 object which would break if you moved them to another location such as email campaign links, etc..