I switched to blu-rays this year.
I did a plex server for a while, but I hate how some formats fuck up when you rewind, and I feared my drive is gonna crash and ruin my collection at some point. I also want extras and it's hit and miss on what you can find digitally, plus blu-rays usually have perfect subtitles, while not everything digital do.
The reason it's blu-rays and not UHD is because blu-rays are way cheaper and easy to get used. UHD wouldn't be worth it for me. I can't spend that much on movies, I already spend too much on games.
Physical is worth it if you like extra content and watch a lot of stuff. I have watched all my blu-rays and I watch commentary tracks on the regular. I just listen to Ridley Scott commentating Alien, and last week, I listened to Stallone commentate First Blood, which was excellent.
I watch a lot and enjoy looking over my collection to find cool stuff.
I have had several collections in the past, but sold it off because of the clutter (women hate shelves with films), or because I convinced myself I am gonna stick with streaming. But I love to see what I have, and have grown tired of streaming services, and I don't trust that everything will be up forever.
Blu-rays solve my nitpicks, and I just put them in boxes now and stash them in my storage room, so it doesn't clutter.