[tw04]

Network alone is enough to pay for on-prem. Amazon egress fees are beyond egregious.

The only reasons I've seen to justify putting something in the cloud are:

You're tiny - colocation is fine but generally speaking if you don't need more than a single-server's worth of performance and you've got a for-profit business, "the cloud" is probably easier.

Your workload is extremely bursty.

You're using the other stuff. AWS/Azure/GCP has all sort of services that require scale to be efficient - if you're subscribing to those services and are medium-sized (I know, that's not even loosely defined) - it probably makes sense to be in AWS/Azure/GCP.

If you don't need those services, or you're extremely large, you can almost always do it cheaper yourself. Whether you want to is another/completely different question.