I agree with a lot of what you're saying-- but that trough is a lot wider than most people think.
At the single instance very small scale, it simply doesn't matter all that much. "Our business failed because our infrastructure bill was $400 instead of $150 every month" isn't that common of a story.
Base load can be effectively migrated to AWS, depending upon how it's built / structured. It's hard to lose money on infrastructure by converting worker servers to spot instances or lambda functions, as a for-instance-- but it's VERY easy to lose months of engineering effort in doing so.
Remember as well: done right you're not just buying services from the cloud, but flexibility as well. Resizing on the fly, bursting, duplicating your infrastructure for a test-- these things add value.