Uh... no... what "the hardware must be able to provide" is a platform that I, the cloud user, trust. It's nice that the manufacturer installed some hardware key somewhere, but that just means the manufacturer can maybe trust this key. If the NSA or China wants my data, they'll just supply-chain-attack and replace whatever entity contains these keys with something else. The manufacturer might be able to determine that this replacement happened / trust is no longer established, but I can't.
And, unfortunately, supply chain attacks like this are exactly what we're seeing, e.g. https://arstechnica.com/tech-policy/2014/05/photos-of-an-nsa...
NB: you don't even have to replace the TPM/Processor/... with an identical, tampered component. You just need something that behaves the same as far as I can see. It could be some huge-ass FPGA board programmed to emulate shit and I wouldn't be able to tell as long as they got the emulation right. After all I can't go physically inspect the server...