He said there wasn't much value in the wallets. Doesn't strike me as crazy to keep a small amount in something convenient. You see a similar convenience/security trade off made by big players, with immediate transactional needs satisfied by online/hot wallets and reserves held in offline/cold wallets.
I can see it both ways. It is putting all your eggs in one basket. The flip side is your vault is supposed to be protected enough that shouldn't be an issue.
Another comment rightfully points out that the vault itself is only protected by a password. I don't think that's protected enough if it's on cloud storage.