The value proposition of cloud is still outlandishly expensive for many companies, not just small ones. Data sovereignty on prem still fits a comfortable risk posture for most businesses, considering aws doesn't absolve you of responsibility for hiring tech workers.

Cloud is at best an HA option for public facing assets. Even the backup costs are outrageous compared to players like iron mountain.

The total cost of cloud can only run off a cliff as time goes on. I expect many businesses to continue pulling back.