Honestly, I don't even think the billing is that untransparent - all their services have pretty straightforward pricing guidelines, and certain services are load limited (going to point out light sail again). It's pretty fair - you pay for what you use, and that works a lot better for most cases if you know what you are doing, you just take on a bit more risk that you have to guard against.

It would be a lot preferable for there to just be multiple computing resource providers, rather than just three, but the reality is that setting yourself up as a cloud provider is quite inaccessible. Democratizing the industry of cloud services will probably require regulation.