Yes, it's a boatload of cash, but that's a €13,000 GPU and €20,000 of RAM at present prices. There is a segment of businesses where a fixed €28k/year bill is going to be preferred over plonking down €40k for a (theoretically) depreciating asset and ongoing colocation costs.
And yet basically all AWS customers are doing exactly that. Turns out that making CAPEX "someone else's problem" is worth quite a lot to many businesses