In other words, there's a lack of humility about "unknown unknowns".
For example on GCS (Google's S3)...A storage class specifies how many locations the data is made available. All storage classes share the same durability (chance of google loosing your data) of 99.999999999%, but have different availability (chance of being able to retrieve data).
git commit -m 'typo'
It says that their ideal-case failure rate is 11 nines; that's how much you should lose to known, lasting issues like machines failing and cutting over.
Amazon's actual SLA offers 2 nines and 3 nines as the credit thresholds. So they're stating the reliability of their known system, and the rest is for events like this.
The alternative is that I use the insurance to pay my legal fees when you sue me for not meeting my uptime guarantees.