The expectation from a cloud storage is that it's yours. They are not supposed to help themselves to your files in any shape or form. If the big could providers start breaking this unspoken promise to save on content acquisition costs, people will lose trust in the cloud. Even if this is legally ok (which is questionable), it is extremely short sighted.
In general I have always assumed this to be true, but iirc Adobe explicitly said their storage was private and now I have some photos I synced to my phone possibly wrapped up in this.
Well, the issue of access is not a technical one for the manufacturer, only moral one. Fines for now rarely work, since they are so low and take so long to happen, management can comfortably sail away on their golden parachutes. Add jail time, properties confiscated and it will be a different topic.
Basically we all have to trust forever some money-focused multinational corporations that they will keep being nice 'because its the right thing to do', or some similar marketing mantra. Look at any corporation and lawsuits around it and you will see very little morality anywhere.
For me, cloud is dead for most of my purposes, regardless of data stored. The idea looks nice on paper but then so does communism.