The problem with bulk storage is that it
will be abused at large scale.
CSAM peddlers, intellectual property violators, unconsensual sexual material ("revenge porn"), malware authors looking for places to exfiltrate stolen data, propagandists and terrorists, the list of abusers is as long as it is dire.
And for some of these abuser classes, the risk for any storage service is high. Various jurisdictions require extremely fast and thorough responses for a service provider to not be held liable, sometimes with turnaround times of 24 hours or less (EU anti terrorism legislation), sometimes with extremely steep fines including prison time for responsible persons. Hell, TOR exit node providers have had their homes raided and themselves held in police arrest or, worse, facing criminal prosecution and prison time particularly for CSAM charges - and these are transit providers, not persistent storage.
And all of that's before looking on the infrastructure provider side. Some will just cut you off when you're facing a DDoS attack, some will bring in extortionate fees (looking at you, AWS/GCE/Azure) for traffic that may leave you in personal bankruptcy. And if you are willing to take that risk, you'll still run the challenge of paying for the hardware itself - storage isn't cheap, 20TB of storage will be around 200€ and you want some redundancy and backups, so the actual cost will rather be 60-100€/TB plus the ongoing cost of electricity and connectivity.
That's why you're not seeing much in terms of democratization.