>"dedicated servers don't have the flexibility of an EC2 instance and the integration into other services."
I understand that there are many cases when all of that you mention is needed but for the vast majority of normal businesses having main and standby servers on Hetzner / OVH with on premises backup would cover all their needs like for ever with stellar performance. All at the fraction of the cost. Many business owners just do not know it as they're not technical and their tech stuff for some inexplicable reasons are all for doing "cool" cloud architectures at owner's expense. And of course that magical "cloud" word sells itself. So many times when I come to do something a new client I hear the owner say proudly - we are on a cloud. It takes some careful efforts to explain to them that they're just wasting money while not upsetting them in a first place.