Storing everything onchain was always a bad description of what a business needs. A company does not want its contracts, its cap table drafts and its bank letters replicated for the world. It wants a counterparty to accept a specific fact: incorporated, insured, eligible, within limit, not sanctioned.
Cryptography that can prove a claim without revealing the file is the version of this technology a credit officer can actually use. A chain that only offers a public bulletin board offers the opposite.