Of course, but pumped storage is about energy storage, not generation. It allows energy to be stored when generation is cheap, and then released at peak hours. It's remarkably efficient compared to most other storage systems.
https://en.m.wikipedia.org/wiki/Pumped-storage_hydroelectric...
The real competitor is Li-Ion batteries which now cost about the same as pumped storage, and have similar cycle efficiency. Problem is the capacity decline after a few hundred cycles, which is unfortunate if you want to build infrastructure that is low-maintenance and survives decades.
If you are interested in the area, this blog post gives some thoughts to implications [2] though it is a bit outdated by now.
[1] https://www.researchgate.net/figure/Comparison-of-various-EE... [2] https://dothemath.ucsd.edu/2011/08/nation-sized-battery/