Everytime I get excited about NFTs (as they exist currently) I come back to the blackpill that the only thing that is onchain is the metadata and most of the actual NFT content is just hosted on S3 buckets

Can someone un-blackpill me?

I still think the underlying tech is cool fwiw

NFT data on IPFS is very different from data on S3. If on S3 the smart contract only contains URL to the data, whoever controls the data can replace it with something else without anyone knowing. If data on IPFS it’s cryptographically linked to the smart contract (via hash of data) so cannot be replaced.