When your server fails, you know how to fix it. When the cloud fails, you hope that somebody will be able to fix it soon. When p2p fails you're probably out of luck for a long time.
Well, not really. If your application is in a datacentre somewhere, whether that's a hosting provider or somewhere within your organization, then it might be a physical box, or a VM, or a running in a cluster or a cloud, it doesn't matter. What does matter is that there are capable infrastructure specialists on-hand to deal with any issues. That hasn't changed and won't ever change.
if you've ever been on a torrent with no seeds and a hundred leeches you'll know what I mean.