Data storage has gotten cheaper and more efficient/manageable every year for decades, yet people seem content with having less storage than a mid-range desktop from a decade and a half ago, split between their phone and laptop, and leaving everything else to the "> cloud" - I wouldn't be so sure we're going to see people reach for technological independence this time either.
One factor here is people preferring portable devices. Note that portable SSDs are also popular.
Also, usage patterns can be different; with storage, if I use 90% of my local content only occasionally, I can archive that to the cloud and continue using the remaining local 10%.