I've seen how the cloud changed over 20 years from s3/ec2 in 2006 to what we have today. I've also seen how it's built at AWS. It's ironic they call it utility computing.
What I always feared as a user was that they'd invent a new billable metric, which happened a few times. Have you ever seen a utility add them at this pace? The length of your monthly usage report shows all those items at $0 that could eventually be charged. Let that sink in.
Another interesting element is that all higher level services are built on core services such as s3/ec2. So the vendor lock in comes from all propaganda that cloud advocates have conditioned young developers with.
Notice how core utilities in many countries are state monopolies. If you want it to be a true utility, perhaps that's the solution to get them started. The state doesn't need a huge profit, but it needs sovereignty and keep foreign agents out of its DCs. Is it inefficient? Of course. But if all you really need is s3/ec2 and some networking / queuing constructs, perhaps private companies can own higher tier / lock-in services while guaranteeing it runs on such a utility. This would provide their users reduced egress fees from a true utility which doesn't need (and is not allowed to have) a 50x profit on that line item.