I think this is the wrong analogue. I absolutely would not trust Amazon or Microsoft with my personal data (I'm the type that hosts my own e-mail, sync, docs, etc.)

Now for a BUSINESS, I could see the advantage in less maintenance cost and being able to spin up/down services easily. It is easier and that cost is measurable (up to a point; when you get big enough AWS costs become obscene compared to self-hosting. I've been at more than one shop that moved things back on-prem to save money).