Jeez, I didn't realize how expensive cloud compute was. I always wondered why my school still has a datacenter. Having your own servers still makes sense for a lot of orgs.
It’s a question of how dynamic your usage is and how much the better security and management features save you. If you have very consistent workloads with little idle hardware and modest admin needs you can beat cloud environments even with reservations but usually when I see the numbers it means major costs like staffing or power / HVAC aren’t being factored in.