I have one client in particular that is a stark indicator of this trend - 50+ year old company and their second floor where they used to have 30+ developers and sysadmins and a server room downstairs has now been remodelled into a break room and new offices for their new team of 5 (all awesome replacing a ton of mediocre people who didn't get much done for a decade)
They're doing better, their products are more popular, they don't have to worry about recruiting developers + sysadmins, their current IT staff get paid better and they're saving money.
I find Algolia interesting in that they've managed to capture something that Elasitc didn't - and it could be because of a prevailing wisdom similar to that of grandfather's comment