I'm sure some businesses are considering moving back to on-prem, but for many, I suspect the cost to find onboard, and pay the SMEs to keep those systems running well enough to not fail due to one reason or another isn't as appetizing to them as the ability to offload that work, along with the legal responsibility.

When something goes wrong, pointing the finger at someone else is far easier for most than pointing it at yourself.

One thing that you need to understand is that the usual business manager absolutely hates depending on technical expertise, and that the modern corporate world is fanatically anti-intellectual.

Vendor lock-in? compliance and security risks? stupid systems that cost the company an arm and a leg? nobody fucking cares.

Now, depending on an 130 IQ Engineer that basically holds the whole enterprise on his head? Anathema!!!!!!! Bus Factor!!!!