The fundamental problem with cloud in the current era is that hardware is actually pretty good, and has plateaued in many meaningful ways. If you're an IT manager working a 3-year depreciation/refresh cycle, you can look at your estate and think, well actually the headroom we put in at the beginning of this cycle was more than plenty, we can sweat the assets for an extra year or perhaps an entire cycle and reallocate that budget or return the money to the business. Maybe you can even avoid layoffs. Same with upgrading software, you can say version X does what we want and save the money on new licenses, training, etc etc.

Cloud robs you of the ability to manage your business in this way. You pay the vig or the lights are switched off - no ifs, no buts. I personally am a huge fan of cloud as a technology, but as a business model, it seems to heavily favour vendors over customers, in a way that makes even Oracle's licensing terms look fluffy and benign.