The problem is BluRay capacity is too low. Had it been 1TB per Disc it might stand a chance. But using 40 disc just isn't something prosumer is willing to stomach.
Not to mention both Tape and Optical Disc aren't that durable. I just read Walterbright, the author of D programming language had to throw away his code because of inadequate backup solution at the time. We dont need to store and save every video, but there are things that is worth saving. And I wish we have better solutions.
About 20 years ago, we used to keep track of this stuff. Even batches from normally excellent brands would be bad. We considered this short term, volatile storage.
At the end, even the best brands outsourced and we quit using them. Now, M-Disk from Verbatim is decent, although rarely used.