I am hugely in favour of AWS for web startups I am involved with because 1) I know AWS very well, 2) they provide hundreds of thousands of euros/dollars of credit to startups (I think all the big cloud vendors do at this stage), 3) it's useful to have architectural flexibility, and 4) they can take on a bunch of the security and availability burden that can otherwise be very labour intensive in a small company.
Also you can pry S3 and RDS Aurora out of my cold dead hands!
If you are a startup and/or have a limited/specialized business scope* Cloud can be the best choice.
For organizations of 4000+ people that manage 100+ applications (from different vendors) with a 90+ people IT department this is maybe not the silver bullet. At this scale you need to keep complexity and security manageable and a more traditional redondant datacenter architecture might be less of a headache than the cloud.
*PS: What I mean by "limited/specialized business scope" is for instance Twitter/Meta. Huge scale but heavily specialized around their main products and develop most of theirs application in house.