You're forgetting that the cost of storing data has always decreased. By having the revolutionary upfront price for data storage, it's a huge bet on this trend.
What happens if everyone starts using Ethereum as a data archive service?
The price of ETH goes to the moon. ETH price is determined not only by speculation but also by actual demand to pay to put data on chain. If it becomes commonplace to store data on chain, it will greatly increase demand for ETH.
I've made https://clonk.me to have conversations and share files on chain as NFTs and https://newgeocities.com to upload web pages on chain.
They don't have to be jpegs. I've been working on a lottery creator tool that makes each lottery an nft.
It's on polygon Mumbai testnet only still.
https://lotto.clonk.me