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Here's the deal for me:
My bike has 2 bottle cages, and I own a saddlebag big enough for my spares and some snacks. The pump goes in the downtube, everything is dandy.
However, I don't like the looks of shit strapped to my bike, so I get the shit in the saddlebag into a old bottle I recycled as a container, whenever I'm going to a shorter ride.
If I'm going on a longer ride, or if I'm carrying my lock, I'll just use my good ol' decathlon string bag, and that will hold way more shit than my half frame bag ever could, while being more practical.
The venn diagram for when I'd want a framebag is the really small intersection between those 2 types of rides, and even then, I'd rather just use the saddlebag and go on with my day.
And framebags look like shit most of the time anyways, even the really expensive ones.