There’s no need to get all complicated and fancy or introduce more dependencies. For most people, a cron job calling pg_dump_all piped to zstd and copying the output to s3/ftp/whatever is plenty good enough.
Obviously past a certain point carting around full backups becomes time/dollar prohibitive, but this can take you very far.
If you can afford to lose the data created between backups, sure.
FWIW, we started with a system that was essentially this. We eventually moved to pgbackrest and it wasn't any harder to setup. But the ROI on that investment is a lot higher because pgbackrest does a lot more for us than the home rolled solution.
Having done both, I'd recommend just starting with pgbackrest.