Should we worry about taking backup of our bitbucket instance automatically ?
Atlassian takes backup and every developer will have git local workspace sync to the remote which will have history too locally.
should there be any other reason to consider to take automated backup
This isn't particularly necessary for Bitbucket Cloud (bitbucket.org) users - as you mention, all devs should have local copies of the repositories, and Atlassian takes its own backups of repos and other content.
You may be able to poll the Bitbucket API for pull requests, issues, and other additional content, if you are very very concerned about things, but that is probably not worth the extra effort.
(Bitbucket Server users still need to back up their database, repository content, and configuration regularly, but hopefully that is standard practice in your organization anyway.)
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