There's somethings i have for background noise and visuals that i got on YT - what, i should stream it every time? even at 480p this will eat into monthly caps. What about things where i know i have one of the only full (as in needs no fills) copies of some media from the 1990s? Less than 5% of the stuff i keep is contemporaneous with the download date.
If one is just downloading "current" things and then figuring out how to store more of it; then i 100% agree. That's a waste of space and time. Chances are you're paying for the right to stream it, and if you don't care about caps, burn the shareholder money for all i care by streaming it whenever you want to see it. Ideally at 4k.
I'll keep downloading and storing stuff i find important - someday when/if youtube deletes some channels i have backed up, or a production company pulls all their content off of streaming platforms, or a different archive with convoluted steps to access content ceases to exist - i'll still have it, with subtitle files, searchable, locally. It happens a lot more often than you think.