This was an interesting bit of math I did when I joined a startup. It's pretty counter-intuitive to think about how very large numbers can increase the importance of small ones.
Say the company you work for is worth $10,000,000, and that you're hosted on GCP. Now take your best guess: what do you think the likelihood is of e.g. a fire or earthquake or something occurring in all relevant Google infrastructure simultaneously*, basically ushering in the end of all of your infrastructure, data, and backups? Frame that in a number of years. Is this kind of event something that may happen once in a thousand years? Once in ten thousand years? Let's say this is the sort of thing that might happen once in ten thousand years -- that's a long time!
Then the cost of this particular risk to your company is $1000 / year.
This kind of math isn't just a toy. When you have questions like "would maintaining actual physical backups in a safe somewhere outside of GCP be worth it?", you now have a framework to answer them ("if it would cost less than $1000 per year, then yes")
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* or substitute in your favorite company-ending event.