Is there any indicator that these credits are actually "lighting train cars full of money on fire", as opposed to "selling product with a small instead of a huge markup"?
If you look at the costs of the big 3 tech firm cloud solutions relative to what you can get from smaller providers, it's an enormous markup. None of them are going to compete with each other on price because that'd void the point of doing cloud to begin with. Plus tech firms hate competing on price. It signals to the market that you've run out of innovations.
This is the disillusionment I experienced in the B2B industry. Nobody cares about your products, they just care about getting free stuff from you. When people are buying something for a company, the money they're spending isn't theirs... but they're the one that gets free sports tickets or free dinners or whatever. It almost feels like stealing to me, but it's "business as usual".