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my faith in someone else handling my wallet has diminished considerably.

That's probably not a bad thing. What gave you faith to begin with?

"Hey! That's not the wallet inspector!"

http://simpsons.wikia.com/wiki/Homer_Goes_to_College/Quotes

Why on earth would you have faith in handing out your cryptocurrencies' private key?

Is this just a symptom of the wrong-headed thinking around cloud SaaS, where data and continuity are considered to be of such low value that they can be entrusted to any number of external parties?

Because people have faith in handing out their money, which is much the same thing. The concept of a bank or exchange literally running away with your money is not a thing which happens to most people.

Except deposits are insured up to a cap that most people never exceed. MtGox offered nothing remotely comparable.

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