It all come down to pricing. Companies like to have data backed up in in a solid media. Using hard drives or cloud services are not reliable.
I work a tv stations and they would like to back up everything on a disc, probably having 3 discs with the same info stored in 3 different places. As long the drives does it fast and the media is cheap, it will work.
But that is the point of these. To be able to back up 1 TB of data on a relatively secure format. And I would guess (hope) that each disk costs much less than a comparable 1 TB drive, making it more cost effective when multiple backups are required.
In other words, the PS5 will use these discs, and if I have a 4K monitor/TV by then, I will need to rebuy my Bluray collection, which isn't that large and I am finding I got zero need for the 98% of my DVD collection
Ultimately, having information on a disc will save space, but what kind of hardware is going to be required to burn the information onto the disc and with how many lasers to reach the multi-layered transparent disc?
Maybe I'm over thinking this but I think the hardware for this disc is going to be larger than external HDD enclosures (portable or desktop).
Hmmmm we have 2.5 inch drives that handle a terabyte in both electro-mechanical (standard drives) and SSD starting to come down in price with similar volumes. This should get interesting over the next 3 years or so.