Exactly. There's a reason multiple large IT companies have invested heavily in cloud services, and it's not so they can be in a market with hard to obtain profits.
In terms of why cloud services are becoming popular for their users, it makes things cheaper in the short term, and is a easier sell to management than on-premises resources. It's also useful for putting together solutions when you work in a company with overly restrictive local computing resources. However if you're looking to save money in the medium to long term, and you can find people you trust with server administration, then you're better off with on-premises (perhaps only keeping a cloud-hosted load balancer if you wanted to guard against unexpected spikes in network traffic).
In terms of why cloud services are becoming popular for their users, it makes things cheaper in the short term, and is a easier sell to management than on-premises resources. It's also useful for putting together solutions when you work in a company with overly restrictive local computing resources. However if you're looking to save money in the medium to long term, and you can find people you trust with server administration, then you're better off with on-premises (perhaps only keeping a cloud-hosted load balancer if you wanted to guard against unexpected spikes in network traffic).