The former employee with the client's proposal
Someone leaves, the licence is released, the account is deleted. Months later, a client asks for a document that only existed in that mailbox or that OneDrive. The mailbox can only be recovered for 30 days; OneDrive has 30 days of retention by default, plus 93 days in the site collection recycle bin; recovering it requires admin commands. Without a copy, the loss is permanent within a few weeks.
Ransomware that climbs into the cloud
The infected laptop encrypts local documents. OneDrive does its job and replicates the encrypted versions to the cloud. You can roll back, but only up to 30 days and across the entire account, also wiping the good work done in the meantime. In a shared SharePoint library, the damage hits everyone who accesses it.
The request that arrives too late
A folder deleted in spring and searched for in autumn. An employee who deletes data on purpose and empties the recycle bin. An audit asking for the state of an archive on a date years ago. Only an independent copy can answer here.