Storage is cheap, but data transfer out is still $0.12/GB, over 10x more expensive than other options.
What "other options"? You mean sketchy "free 9000 exabytes/month of bandwidth" low end hosting places like hetzner? Those are not alternatives to AWS or azure or google cloud. And those bandwidth costs do not reflect reality, they assume most people use almost none of that bandwidth. The bandwidth still costs the same, just the big users are getting the small users to pay for their bandwidth costs.
I have no idea why you are picking on Hetzner in particular. They offer clearly defined bandwidth packages with their servers (20-50 TB) and charge for overages (0.2 cents per GB).
Hetzner is perhaps not what you would call a premium provider, but their prices are about in line with industry wholesale rates. For example a very high quality provider that competes with Hetzner in their home market charge 0.4 cents per GB and they are happy to deliver any traffic you can serve at that price point.