Except most of the IoT devices on market would do the same thing for about same price without the cloud. The only problem the clouds solves for users is not having to know how to set up a VPN so that their shitty app can view mostly meaningless pseudo-charts when the user is away from home. But in exchange for that, you give the vendors lots of data to resell, and the ability to brick your devices remotely.
SaaS model being ported to hardware is probably the single most user-hostile development I've seen in recent years in tech.
$2000 device that takes up space and electricity to do the same thing, but in minutes
I personally like the second option a lot better, I wish we had an open source version of all the google apps that did it's own ML on your own servers.