Although to be fair, most hobbyists only need basic services like cloud servers/VMs, and hyperscalers like AWS are an awful deal compared to other options if you only need compute + storage + bandwidth. You don't need to use S3, Lambdas and Cloudfront to host a personal blog, a simple VPS will be more than enough.
It feels like most devs nowadays prefer using services that abstract away the infrastructure, at the cost of not developing SysOps skills, so I don't see a future where the Cloud is going to lose relevance.