Are the contracts so easy to bypass? Who signs a contract with an SLA knowing the service provider will just lie about the availability? Is the client supposed to sue the provider any time there is an SLA breach?
Netflix doesn't put in the contract that they will have high-quality shows. (I guess, don't have a contract to read right now.)
Most of the time people will just get by and ignore even full day of downtime as minor inconvenience. Loss of revenue for the day - well you most likely will have to eat that, because going to court and having lawyers fighting over it most likely will cost you as much as just forgetting about it.
If your company goes bankrupt because AWS/Cloudflare/GCP/Azure is down for a day or two - guess what - you won't have money to sue them ¯\_(ツ)_/¯ and most likely will have bunch of more pressing problems on your hand.