Though it's pretty smooth when testing with a little 100-file project, the obvious concern I'd have is that you are hosting your code and the data is running through their server... nothing prevents them from simply slurping down people's repositories...
Do you not use GitHub? You host everything in house because you don't trust any provider to not slurp down your repository, clone your business, build it up, compete with you, and overtake you?
I can only presume that having a plot revolving around a distributed version control system with a nefarious controller would go over the heads of the audience. It is a much more sinister plan, though.
Hosting your own code is hardly difficult.
It's also not just the provider you have to worry about, but the entire internet that has access to that provider.