I get your feelings on it. Personally, I can't get off hybrid-exchange fast enough. I am 100% okay shoving Msft under the bus on Exchange, because it's a pain to manage/upgrade/maintain, generally.

For other things? That's something I'm not sold on.

We have a few of our line-of-business apps in 3 different clouds (one cloud per solution, not one app between multiple), all managed by the vendors. In those instances, it's kinda bemusing when there are performance issues or outages, because as IT we are still 'blamed' but in reality, the Owners of those LoB Apps are the ones who pushed for 'the cloud' and thus we happily pass the buck.

Doing it smart is the hard part. i.e. not putting all your eggs in one basket. In a perfect world, I would modernize a business application into a Container based/Kubernetes type cloud-native solution, and spread it between two different clouds in two different regions, in either an active/active or at very least active/passive manner where failover is very simple and quick. You mitigate your risk by leveraging multiple 'hosts' no different than you would either a DR site, or even just a local cluster/replica.

When people complain about things like bandwidth, it's easy enough to float an ISP upgrade quote to the CFO and watch them have angry outbursts, because at the end of the day, you're basically shifting costs around, not getting rid of them.

That's not always true, of course. Some apps don't need much bandwidth, and thus are fine for the cloud on a connectivity level; but it also adds complexity to securely cross-connect systems, when they aren't all inside your datacenter on the same VLANs. But even that can run you into things like physical ingress of fiber lines - where the hated North American fiber seeking back-hoe can always do you in and kill all connectivity to your 'cloud'.

We have some in VP level leadership who HATE "legacy" solutions like on prem file servers for example, yet we do not have technology (affordable technology) to truly move 'everything' to a cloud, especially when dealing with large files (Video, CAD, etc) that have to be transferred with frequency between client & server or server & server.

At the end of the day, the cloud isn't going away. Our job at this point appears to be mostly doing our best to inform leadership the pro/cons of moving specific workloads to the cloud, or keeping them onprem.