versioned_filesystem_io_manager defaults base_dir to use the instance.storage_dir.
initially, user-facing wise, i thought this would be a better experience to the end user because it would provide a better out-of-box experience as it doesn't require extra config.
however, after getting into the code, i think this diff is a fairly invasive change: it makes resolve_memoized_execution_plan depend on instance. as we haven't figured out https://github.com/dagster-io/dagster/issues/3302 (also see code ), i don't feel comfortable making the situation more complicated.
my proposal is to land D6637 for now and wait until we figure out  to loosen the constraint