Cloud gaming is crap and any actual gamer will tell you that. The niche of gamers casual enough to not care about playing over network latency but serious enough to pay real money for cloud gaming is microscopic.
In the saddest way possible, the niche of gamers are people playing on desktops with ethernet connections.
The majority of gamers are buying booster packs on mobile games.
Throughput has increased but latency hasn’t changed much
Latency hasn’t decreased substantially since the late 90s when I remember getting sub 50 ms ping in Quake III from my dorm room in college
By that yardstick, we've actually done very well in a lot of cases. :)