What about in 10, 20 years? Photo libraries will keep inflating. Local storage will not. As of now I backup from a SSD Mac. What happens when I don't have a computer anymore?
Interestingly, people don't value "bits" or information. We value moments and emotions and work and art. There's no successful current consumer business model for people to store and backup photos (Backblaze is mainly prosumer).
And so aren't social networks the real backups by now? The redundancy of publishing on multiple services means some photos will stick and the rest will fade, somehow like former printed pictures I guess. Publish it or lose it?