It's a good question. A while ago I computed this for fun, and was disappointed how little energy you could store with your 1000 kg lead ball of choice on a 10m tall pulley and gearbox in the garden. Let's quickly do some numbers:
$E \approx m \cdot g \cdot h \approx 1000 \ \text{kg} \cdot 10 \ \text{m}/\text{s}^2 \cdot 10 \ \text{m} = 100 \ \text{kJ}$. That is not very much. Maybe one half of an apple. Won't really get you very far. Hot shower for 5 seconds? Have fun!^^ One can get the same storage capacity with ~0.3 litre of good old lead battery(!).
Now you can of course go wild and industrial scale (as these people at energyvault apparently did).
My view on this is that the energy density of the arangement is just too low, the gravitational field on earth is too weak. But as we can't change that locally :D I guess we're stuck here. So for the mechanical forces you have to deal with, you just get too little storage capacity out.
It can be attractive when by natural circumstances you have huge water reservoirs where you can pump up and down. Then the mechanical forces problem is solved by nature or additionally by heaps of concrete already. The round trip conversion efficiency can still be quite high.