Certainly, but your hard drives just sit around in one spot and never move. If tapes are properly cared for, they do last a long time, and you have to rotate them out of service if they're used a lot.
Tapes often get a raw deal. People snatch them from a drive, they sit them on top of the server, they don't put them back in their cases and they have no shielded storage location. They get full of dust, they never get retentioned...
But I'd like to see how long your hard drives last on a normal backup cycle of being transported back and forth between off and on site.
People always talk of the raw cost of the disk or tape. While a tape library system is not cheap, a storage array system is even more expensive. You can have a full cabinet sized tape library system with several drives for much less than a Clariion, Symm or EVA of similar capacity.
Many large enterprises use several tiers of storage, even just for the backup system. Where I am now, they have high end Tier 1 storage, lower-end Clariion FC Tier 2, Clariion SATA Tier 3, and for backups they use TSM Disk arrays (T1), VTL system (T2) and a massive tape library (T3 and Off-Site.)
The technologies aren't exclusive. They can compliment each other.