I am in the process of re-ripping my CD collection to FLAC. When I first ripped my collection in the early 00's it was for portability and file size management purposes which mean low quality MP3, M4A, AACs and my CD player had died so I transitioned to streaming. Never got rid of the CDs though. This past year I bought a new CD transport and DAC and started critically and purposely listening to my CDs again and had forgotten, truly, how good they sound. I'm re-ripping to FLAC as a backup but also for convenience. I'm still buying select CDs by my favorite artists because that's the primary format I have that artist in and some of them never had vinyl releases.
As a result of re-ripping, I'm culling the herd and will donate what I don't want to a local library/school/charity and keep only the most important CDs to me - special editions, box sets, rarities, & sentimental value. I have the urge to purge some of the detritus of my collective life but also want to pass on these interests to my children. So that's the only reason I still cling to some of these things. Much to my wife's consternation.