Done right, cloud backup actually is "the right thing".

There are problems with cloud backups, but they are solvable. One is confidentiality/privacy, that's what encryption is for. The other is that you can lose your data because the could provider doesn't like you, it is a failure mode, in the same way that your tapes can burn. Use redundancy, like with any unreliable storage solution.

With an onsite NAS, local copies and cloud backup, you meet the "3 2 1" rule (3 copies, 2 storage types, 1 offsite) without the hassle of dealing with tapes, and it will probably be cheaper too, unless you are particularly data-hungry.