It's passed through the hype cycle to now be mainstream - whether that's a good or a bad thing is left up as an exercise to the reader. All major companies I've worked with / for are in the cloud now.
Also haven't heard as much about it being cheap. Again, it might still be cheaper than some other options, but it certainly isn't the case that it's just magically cheaper. The thriving field of companies who help you reduce your cloud spend is evidence of that....
In the end it’s actually really good word for newish concept and using it does not feel silly to me anymore.