Earlier quoted context omitted.
You might be surprised how few sites are suitable for pumped hydro and how costly it is to build. I can easily see this being both cheaper and more efficient. Most pumped hydro installations outside of northern Europe end up requiring large dams to create a big enough impoundment uphill. A direct weight solution should have better conversion efficiency as well, Gravitricity quotes 80% which is on the high end of pump…
You might be surprised at the enormous numbers of sites that are potentially suitable for pumped hydro, if you go looking for them in areas with vertical relief. https://re100.eng.anu.edu.au/global/ "ANU has identified 616,000 potential sites around the world." (note that not all countries are included in this because of lack of geographical elevation data) A place like Nevada has an enormous surfeit of opportunities…
People get very laser focused on the storage part, but energy you generate is entirely fungible with energy that you've stored so pumped hydro needs to compete with generation too.
edit: looking further into this to try to put some rough numbers on it, the 5 years it'll take to dig the holes means in this particular case I wouldn't be too surprised if batteries alone could beat it by the time it connects to the grid in 2031.