And how do you predict with certainty your "highest expected load"? And if you're in a space like ecommerce, where you have 1 week out of the year with x10 or x50 the load, I doubt it would actually be cheaper than using autoscaling. Especially today, with the costs of memory and storage. Not to mention that whenever you hit your load maximum, you have a few months of lead time to get extra capacity.
And FYI, "proprietary vendor-specific APIs" sounds very scary, but if you think about it for a few seconds, those APIs end at configuring an autoscaling group which is mostly about your min/max, and scaling rules. Yeah, it's proprietary, but it's 3-4 parameters to configure based on what you need, and from then little if any adjustment is needed. And you can take the same logic and port it to any other cloud provider within ~10 mins at most.