A lot of the comments here are comparing bare metal/virtual servers to a combination of two+ products with literally dozens of built in capabilities, security controls, built in scaling, monitoring, logging, deployment mechanisms, and built in high availability. These are not apples to apples comparisons in the least.
Fwiw I've run my own metal at some fairly large websites(can go find me on Linkedin) and I can honestly say that to discredit the amount of time you spend on solving the above capabilities WELL is to probably toss more than 120% of the cost out the window. People time to manage what goes on the hardware is almost always higher than the cost of the hardware. I've spent 5+ years working with everyone from startups up through massive enterprises and only the top 10% does any of this well when doing it themselves.
Taking some of the other examples here, let's say you do try and solve this with 2 virtual/physical servers from a traditional hosting provider. What now do you do for: high availability, nearly instant scalability, monitoring, logging, alarming, deployment and security controls. Those last few all scale on their own too (oh you've never filled a harddrive with logs before?). Are you going to run all of your software on these 2-3 hosts? What happens when they go down? How quickly are you recovering? What impact is there to your customers during this time? What value do you place on that downtime? How many of your tools just failed? Lost data?
How about patching the OS, the software you run on it, your tools, your languages/packages? In busier environments where I ran my own logging, monitoring, metrics, alarming, backups, software, firewalls, etc + the operating systems those things ran on + the modules/packages most developers use these days in languages such as node.js and python, you are talking about whole days in a week to track, test, and understand these changes and the risks associated.
I'm a #serverless zealot by trade sure, and I am happy to be called out on that, but these comparisons of a very high level platform that essentially removes most of the day to day care and feeding of your own "iron" can not be compared to running your own iron at just that iron's cost.