I can't help but see this as a threat to Bitcoin. Am I correct to worry? It may be correct that storage space is cheap nowadays but I don't see any sense in that the Blockchain can be used to store arbitrary (non-neglible sized) garbage data at the cost of literally anyone using the network.
It's always been possible to store data in the blockchain, and there's always been spam. The main problem now is that someone managed to earn money from spamming, which means they can keep this up for as long as they can convince people to pay them for made-up BS Ordinals.
Who is buying NFTs? These ordinals?
It's the same as it has always been: altcoins, ICOs, tokens, Forkcoins, Defi, NFT and Ordinals: they're all created because someone felt they were too late to get Bitcoin cheap, and created their own BS coin. It used to be pump & dump, nowadays it's hyping on social media. The creator gets rich, some other people earn a bit too, and many people lose their money. Greed and FOMO are great ways to lose your money.
After cashing in, they move to the next "project". Remember all those tokens that where going to "disrupt the xx industry"? It never happened! But someone got very rich out of it. Once "rinse and repeat" no longer works because everyone knows it's a scam, they come up with something else. That's how we got were we are now.
The list keeps getting longer. Ordinals is just the next phase.
I believe there's a place for cryptographically proven ownership
I'd love to see it on the stock market, or for instance car registration. But that requires a central authority to connect crypto to the real world, and they're not ready for it.
I refuse to waste money on paying more fees even though I could.
If you consolidated your funds on time, you may be able to use
ViaBTC's transaction accelerator now. But only for transactions up to half a kB, with at least 10 sat/byte (not vbyte, so about double for Segwit).