But if your business is to produce, say, cars, why would you want to maintain this knowledge in house. You certainly want to understand your systems, but do you really want to deal with physical datacentres, updating the underlying OS, replacing drives, etc. You kind of want it outsourced to specialists.
My Boss is smart and he'd wonder what the business plan would be should say 5 years down the line you want to move away from the cloud for some reason.
You threw away decades of accumulated knowledge about the company and it's systems to save some money upfront.
He thinks on a longer scope than most bosses I've known though (largely because his family own the group so he doesn't have to answer to shareholders).