The problem is excessive centralization. The internet used to be millions of servers owned by independent people and organizations. That was, for all intents and purposes, uncontrollable. Now much of the internet is comprised of giant platforms that are a whole lot easier to coerce to comply with even most nonsensical regulations.
The cloud brought a storm with it, and it's drowning the decentralized nature of the internet. Convenience is what will hang us, but hey, it was very convenient.