Interesting! I have the opposite experience and I also operated at quite a decent scale.

I wonder why our experiences are so different.

For context I was running 2,500+ instances at peak with 40vCPU and 256GiB of memory: the most expensive of those of course being in the regions with low density of players like South America and Australia.

We also had a predictive auto-scaler for our cloud components, I would estimate that our waste was 15% at any time, but if we ran bare metal only it would have been cheaper (except for the operational cost and the fact we needed lengthy commitments for hardware)