Even in the pure rental or managed BMaaS, the human cost can quickly dominate the economic model. Owning machines and OS’s is expensive at anything more than a couple of racks of machines. Eliminating people and human change/release from touching things in the datacenter is probably the first priority. Otherwise it is hard to consistently drive that human number down and meet service quality expectations for 24x7.
What is truly expensive is buying a bundled service with massive margins.
Sometimes you have the luxury of not caring, e.g. when building very high margin, low scale tools where human costs dominate due to dev or other parts of the business, but for anything that starts requiring hosting costs beyond even as low as a couple of k a month, you're leaving money on the table.