I don't need 100% of my bytes to be instantly available to me on my network. The most important stuff is already available. I can wait a day for arbitrary media to thaw out for use. Local caching and pre-loading of read-only blobs is an extremely obvious path for smoothing over remote storage.
Other advantages should be obvious. There are no limits to the scale of storage and unless you are a top 1% hoarder, the cost will almost certainly be more than amortized by the capex you would have otherwise spent on all that hardware.