My business is mainly deep learning R&D. Current cloud GPU, networking, and storage pricing gives me ulcers given my compute needs and the size of my datasets.
I do run my website in cloud, with redundancy and all that. I also use cloud storage for backup, and for K8S registry. If I was selling e.g. inference services, I'd be running them in cloud too (passing the costs onto the clients). Most of my local workloads could easily be shifted right across to any decent K8S provider.
But the fact is, my lone rack has been humming along with zero unscheduled downtime for 3 years now. I can count several global outages in each of the three major cloud services in this timeframe (most of them during US work hours, BTW), so I'm inarguably better off with the setup I have now than I would be if I moved it all to the cloud. Not to mention it already paid for itself several times over even though I burn through several hundred dollars a month in electricity.