There are many “you”s in most enterprises. If your platform engineering team builds their own cloud, and offers an experience similar to other cloud providers (or even better and more targeted), this could be a clear win.
I understand that’s your definition and I’m saying that there are many companies where the cloud experience (of not worrying about physical infrastructure but having flexibility and elasticity) is offered to product teams by an internal platform team. That gives you an articulation point where you could migrate from AWS to Oxide racks, and yes, lose some functionality and some guarantees, but also gain more control and potentially make huge savings.
Actually, the definition of cloud is "a visible mass of particles of condensed vapor (such as water or ice) suspended in the atmosphere of a planet (such as the earth) or moon".