Not only that but the joke is on technical people for promoting a model of severe vendor lock-in. Its doubly funny when you often see the same techies complain bitterly about "walled gardens" on their smartphones !
If $cloud_vendor doubled their prices tomorrow, what are you going to do ?
If $cloud_vendor decided to kill-off a product tomorrow and replace it with another one with a different API, what are you going to do ?
In most cases, the answer to the above and other scenarios would be "suck it up and swallow the expense".
Sure you can shift the expenses from CAPEX to OPEX and construct numerous business cases to convince the boss that the cloud is the next best thing to sliced bread. But at what cost ?
Of course there are some use-cases which are genuinely well suited to the cloud model, but they are in the minority. For many business the cloud is a case of "if the only thing you have is a hammer, everything looks like a nail".