I know folks who have much larger storage farms, usually for digital media production (video or audio). But working on a large software project, I can certainly see possible applications for continuous journalling of file changes in addition to archiving/managing previous versions and all the incremental patches.
Software expands to consume the resources available. With more storage and faster processors, we both do things we wouldn’t do with smaller systems and do things in ways that we wouldn’t with smaller systems. Storage can be traded off against computation to some degree; both can also be traded off against developer effort to some degree. (Software’s gotten cheaper/fancier partly because it has not had to be so careful about its resource demands.)
I don’t need a huge amount more live storage than what’s already crammed into the machines, right now. I do want about one order of magnitude more offline storage than online for backup, but not three. Yet.