Are server backup appliances still a thing?

I've only dealt with physical backup appliances (barracuda and the like) so I'm probably out of the loop, but my current company is using Datto backup for less than 2TB to the tune of $775/month. Seems like there could be a lot better cost saving methods out there like appliances to manage what we need vs $9300/year. Also, not opposed to swapping cloud based if anyone knows of a cheaper option.

Edit: small company with less than 100 network users. One physical server and no VM's.

Edit 2: We do have access to "offsite" (100 miles apart) if we go the NAS route

Edit 3: We do have an MSP that set us up with Datto FWIW

Edit 4: I have a call into the MSP to see what exactly we’re getting for $775 a month. I’ll post up here when I know.