You're not wrong about the benefits of the Cloud. Some people make bomb shelters in their basement, some people stockpile canned goods. I stockpile data. I even have an old text only offline copy of the English Wikipedia.
My main issues are privacy. I don't want Google peeking into everything I upload for marketing materials. I also don't want to trust a third party company with my kids photos. They can change their privacy policy in the blink of an eye, or disable my account by accident without reason or warning.
Then there's the security aspect, and I'm settling in for a fight here. Google, AWS, Azure... These are all consolidated attack vectors. When WWIII breaks out it's not starting in the physical world. It's starting on the internet, and the first casualties are going to be major infrastructure providers followed immediately by FB, Google, Microsoft, and AWS.
Take out those 4 companies and our world is in chaos. Your company won't get their emails, their apps will be offline, and half our economy will be out of business by morning time.
But not me. My RAID arrays are still spinning away and if I want to I can reach out and touch them. Who knows where everyone elses data is. That's not my problem.