Because they don't actually guarantee that your files will be readable.
What actually is being guaranteed? If the backup isn't readable what is their responsibility and what are they promising?
There have been more than enough instances where backups have failed and when they do its pretty much we are sorry but there is nothing we can do.
There are also other risks. Companies go out of business, governments institute arbitrary policy changes (like everybody in Venezuela that just lost their adobe account), legal actions can arbitrarily shut down services (think MegaPath).
Backups/archives are really the kind of thing you need to have direct control over. Relying on 3rd parties for critical infrastructure is just a bad idea.
It always sounds so convenient, but somewhere down the road there are almost always regrets.
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