I think a big driver for cloud clients is bean counters - cloud is an expense, while having your own systems is capital investment.
They’d rather have the waste of leasing too much compute than have to pay taxes on systems plus the cost of staff to run it.
We won’t really see this get addressed until companies have to truly own the risks they take on (see all the hacks that happen on a daily basis because CIO won’t pay for the security that IT management is screaming to build). When fines for these breaches are meaningful, cloud will be less interesting.