This sounds like an accurate assessment from someone who doesn't own the code. You get paid to write the code, so it means nothing to you if a competitor steals the code and starts a similar business. Or what if a competitor steals the code and can more easily implement some of your features or find flaws in the product an exploit them.

As an owner of code, I would never put the code in the cloud. I don't even put binaries in the cloud without obfuscating them. Every little bit helps.

And I also disagree that the code is worthless. Imagine the value of your company if all the code suddenly disappears! Not only do you have to rewrite everything from scratch, but you can't support your existing customers while you are doing it.

Final point, doing what is easy for everyone else is exactly the kind of thing that limits your competitive advantage. If all your competitors are using Github and github loses all their data, you win!