There is no guarantee that the service you buy will exist tomorrow, and if they go out of business, there is no guarantee you can get your data out before they close the platform.
Thanks for your concern but all my personal data is perfectly safe. I keep it in an old fashioned thing called a "backup" --- complete with encryption.
I maintain 3 copies --- no hosting required. One copy is strapped to my wrist at all times so it is always just as safe as I am --- if not safer.
That’s pretty cool! Especially with how dense microSD cards are these days, you could probably store every (important) photo an average person has without issue, along with the normal documents and whatnot.
And if you get hit by a car? Or worse --- maybe you get married and have kids<g>?
One big reason people *buy* service is sustainability/longevity/redundancy.
There are no absolute guarantees but I think most commercial endeavors nowadays would bet on AWS/Google/MS/Apple over "Hosting by Joe and Friends".