> it's probably cheaper to buy a new 4 TB hard drive every month
The reason for blurays might be that he's following rule 2 of the 3-2-1 Backup Strategy. 3 backups, 2 different types of storage media, 1 copy off-site.
If your house is hit by lightning it could wipe all your magnetic and solid state drives, but optical discs would probably be ok.