The cloud is a big sham. It's a lot more expensive than real hardware, without the control, and with the requirement to go through a maze if inane virtual layers.
There is no need to exaggerate. "The cloud" (I assume you mean the so-called "public cloud") definitely has its place and use cases.
On the other hand, there are people and companies who fell victim of marketing and groupthink to the point where they flat dismiss any solution that is not based on the public cloud, no matter if it makes sense or not. I guess they should pay the price, that's it.
It's also comically slow and inefficient.