Indeed. That said it’s not that different from say someone backing up to someone like Druva and they ran their infra on AWS and say hypothetically Druva went out of business you would not go to AWS directly and say “hand me over my data.” It’d have to go through proceedings, etc., not to mention that without the engineers from Druva you would not get useable unencrypted data.
It’s exactly like the above but it’s presented as if the data sits neatly on two drives stored in a safe and all you have to do is mount them to see the unencrypted data.