Hypothetically the police could come with a warrant and force you to hand over the footage you recorded. It's a higher barrier than if footage is being uploaded to the cloud, but it can still happen.

And even if the cameras are not uploading their footage to the cloud, it still wouldn't sit well with me if every other house has a camera pointed at the public street

Where I live it is technically illegal to record the public street with an automated camera, but it's not really being enforced. So there is Ring cameras everywhere.

That's annoying (or at least, takes some work) to set up, and more expensive.

Out of order cameras are basically (sometimes literally) free, need no wiring work, and don't "accidentally" record any embarrassing / private moments you then have to delete !