Most people only have one company offering terrestrial internet. So yeah that should be regulated. It’s considered a natural monopoly.
Companies don’t have to depend on the major cloud providers - but there are at least three major ones and IBM and Oracle are making a play. There are even smaller providers that just host VMs like Linode. I can easily imagine Linode partnering with companies to provide managed services.
On top of that cloud providers hosting servers is dwarfed by the number of companies who are using colos. There are plenty of business opportunities out there.
So no, I don’t think that you should have regulation to protect a business model. Government regulation and monopoly regulation in particular was meant to prevent harm to consumers.
But you really trust the government to have sensible technology regulation?