You do own your own phone right? Owning a server on the cloud is no different. There will be a future shortly where everyone keeps their data on their own servers instead of handing out to all these corporations.
You should read the terms of service with your Cloud provider again. When you go out and buy a phone with cash, nobody can take that from you. When you go out and spend money on Cloud servers you will not walk away with that data should you stop paying your bill, or the company is hacked, or there is a scandal and they go out of business, or they decide you're breaking their rules and they delete it. When you setup an externally available NAS from home the only thing stopping you from accessing it is your ISP and your electric company, and those are already common denominators of accessing any Cloud storage medium. And lets not forget Uncle Sam and random Google execs picking up the hood every so often to see what's under there. It's a lot of work, and it isn't for everyone, but the benefits outweigh the risks for me.
OK, since you own your phone. Do you have any clue about security and availability of your phone? Why do you think millions can own and "run" their own phone but not own and run their server?