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Cloud was never supposed to be “cheap”. It has always been a utility based model where you pay for how much you use it. The problem is, way too many people used is as a 1:1 replacement without rearchitecting their workloads, so of course it’s gonna be more expensive.
Not just that, but the big value proposition was supposed be that you wouldn't need sysadmins. In practice, these services are so complex that you need a dedicated skill set to use them, except now it's specific skills for each provider that aren't directly transferable.
Which means you can sell support in addition to the service itself. Mission accomplished!
Not to mention the benefits of having vendor lock in, since migrating to a different service becomes prohibitively expensive.