This is particularly true with modern fully solid state hardware. Uptimes of decades are likely possible if you don't mess with anything.
We run some bare metal servers. They just never go down. Solid continuous pings for years as monitored from elsewhere on the Internet. That's because they're just boxes on a rack somewhere running an OS and some steady-state services (ZeroTier roots). Simplicity is more robust than complexity.
SaaS is definitely about the pain of managing and upgrading software, but it's also about OPEX vs CAPEX. Many companies will pay more for things to put them in the OPEX column for various entirely synthetic accounting, investor relations, and tax reasons.
I do wonder if the pendulum there will swing back though since if you price out cloud vs. physical hardware the market has become extremely distorted. Many companies spend enough on AWS to buy an entire rack of hardware at a different data center every month and pay 2-3 employees to manage it. That hardware would be up to 100X as fast and powerful as what they rent at AWS and bandwidth would be almost free. That's a really distorted market. The amortized costs should not be this different.