Anything that requires a fancy buzzword is usually stupid but a good way to make money for someone. The “cloud” has always existed as offsite hosting. Off-site shared servers, VPSs, whatever. It’s no different than running CPanel on an LAMP VPS in 2003.
But calling it “the cloud” gave all the business majors a hard on and then the accounts department realized they could manipulate share pricing by reducing the amount of assets a company holds. It’s the same stupid reason many companies don’t own their corporate headquarters or remote centers. They lease the, even if from themselves through another holding. It looks better on paper so the share price goes up. It’s all mind boggling stupid.