I'd argue that no one is gonna be archiving 300tb either though and will likely be picking and choosing which files to download from the torrents.
What I don't know is if this is how Spotify is storing this music on their end or if they have some other lossless source they pull from. I know Deezer has flacs available for most stuff and mp3 320 (I think) for what isn't lossless.
Not many hobbyists are going to dedicate that much space to bad quality audio, or even have that much space to begin with.