I agree. I remember Oxide was a balls-to-wall hardcore server "rack" soup to nuts baked by Oxide so they could provide exceptional performance and software stack. This "cloud" thing is new.
I think the core idea hasn't changed (it's generally expected that hardware like this is usually divvied up into VMs), just the branding went from 'hyperscalar for the rest of us' (which is a bit opaque to non-techies), to 'it's cloud, but in a box'.