We've seen it happen time and time again, to wax cylinders, to records, to tapes, and one day pretty much all physical media storage formats will give way to the cloud, or at least something like it.
Well even Cloud storage is saved to physical servers.
I don't expect things like harddrives in computers, or flash drives/SD cards in phones to ever go away really, because relying on cloud services entirely doesn't sound great.
Their servers may break and you lose that data if there weren't enough backups, or their servers are offline when you need them, or you're worried about them collecting information about you without your knowledge, or you lose access to your storage because you broke their terms of service, or lost your password/email, etc.
And there can be security issues where your files are being accessed by unauthorized people.
There can be incidents when you are in control of your own data using physical storage media as well, but having that option allows you to mitigate problems.