Like, everything would be so nice like that
Want encryption? Just layer a LUKS or VeraCrypt device over it!
Want to store a lot of data compactly? Just layer a ZFS/btrfs/NTFS with transparent compression, no more manually zipping files!
Use any filesystem you want, with all the features you want!
etc.
Though I dunno how would that work if the device is mounted on multiple machines
@koakuma https://github.com/archiecobbs/s3backer