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.
But I did ~50 TB of traffic per month at various hosts for <$20 without any issue. Just choose them well, and know exactly what kind of connection they offer.