I'm one of those people, and I don't agree.

Before I drop 5 figures on a single server, I'd like to have some confidence in the performance numbers I'm likely to see. I'd expect folk who are experienced with on-prem have a good intuition about this - after a decade of cloud-only work, I don't.

Also, cloud networking offers a bunch of really nice primitives which I'm not clear how I'd replicate on-prem.

I've estimated our IT workload would roughly double if we were to add physically racking machines, replacing failed disks, monitoring backups/SMART errors etc. That's... not cheap in staff time.

Moving things on-prem starts making financial sense around the point your cloud bills hit the cost of one engineers salary.