For example, we were running a 20 node k8s cluster for our Cortex (distributed Prometheus) install, monitoring about 30k servers around the world, and it was generating a bit over a TB of data a day. It was a lot more cost effective and performant to create a minio cluster for that data than to use S3.
Also, you can get durability with minio with multi cluster replication.
We have already worked through all the pain points and it all works smoothly. No reason to change something that isn't a problem.
Self-hosted S3 clones with actual durability guarantees exist, but the only properly engineered open source choices are Ceph + radosgw (single-region, though) or Garage (global replication based on last-writer-wins CRDS conflict resolution).