Users exchanged $100M for the ability to mint an NFT on Ethereum. We can argue about NFTs, but I'm confident these users felt like they received something of real value in return.
I've maintained an enterprise saas product for ~1500 customers that used this strategy. Cross account analytics were definitely a problem, but the gaping SQL injection vulnerabilities left by the contractors that built the initial product were less of a concern.
Snapshotting / restoring entire accounts to a previous state was easy, and debugging data issues was also much easier when you could spin up an entire account's DB from a certain point in time locally.
We also could run multiple versions of the product on different schema versions. Useful when certain customers only wanted their "software" updated once every 6 months.
We're going through a similar thought process now for a blockchain based data-store. If the data is symmetrically encrypted and the key is deleted.. does that count as hard deletion? The data is unrecoverable.