I totally understand the use behind Photobucket (and in pre-broadband days, it was a lifesaver for some). To your point, one place to store content.
There is one other "gotcha" people never took into consideration. When you open a web page, if you have content presented on that page from multiple sources, it also slows the page load time down due to making those additional connections. Then it got even worse when PhotoBucket was adding advertising banners and water marks to pics they were hosting.

Just sad the content we have all lost in various communities thanks to the idea of "free".