From the surface, cloud gaming is absolutely a fantastic idea, I.e., it removes a series of barriers of playing high end games: cost of hardware, convenience, subscription bases consumption to remove upfront cost.
However, in close examination, it becomes clear that high end game is costly not because these above mentioned barriers. On the contrary, these barriers are part of the structure to support the high end games.
Additionally, the modern high end gaming experience entirely depends on the exclusive ownership of costly computing power. The hidden foundation that supports that comouting power is the low cost local communication networks. And we all know that wide area communication is always more expensive than computing. So for any large scale cloud gaming, the underlying economy is that it's always more cost-effective of having local hardware.