The existence of homomorphic encryption doesn't give me any more money to buy compute time on servers, nor does it make compute servers any cheaper. Those are completely orthogonal. So, it may make it so that people with money can do nasty things on servers undetected, but it absolutely does not make it so everyone on earth can.

And to top that off, the ratio in costs for regular vs. homomorphic computing, is far greater than the ratio of costs for using other's servers, which might be monitored for "safe" or "legal" code, vs. just buying and managing your own private servers.

So if the problem is simply to hide a computation, that is already "solved".

Homomorphic computing enables hiding in plain sight, but that's not necessary to simply hide.