That is indeed true, there are currently no mechanisms in place for ensuring users' data in case of insolvency. However, we're working on getting an escrow agreement in place that would ensure that Glacier vaults can be transferred to their "owners" in the case of insolvency. Additionally, there are some provisions in german GmbH laws that give warning before insolvency occurs and allow clean processing in the case.

Concerning the price, it is indeed a multiple of pure Glacier. However, they include, apart from lots of convenience, also all auxiliary costs that you'd have to manage yourself for a "pure" Glacier account. As noted in another comment, you'd have to keep an eye on retrieval cost, early deletion and additional S3 storage for metadata.

If you're not interested in tinkering with IAM keys and retrieval rates, I still think Bit Chest is a good value proposition.

Disclaimer: I am the owner of Bit Chest.