Me too. Just give it a bit if time. When some yet to be born kid realizes how dumb and wasteful the cloud is (their words, not mine) and comes up with whatever it is that will replace them. Just like those meddling kids came up with that thing that allows me to type this post without a physical keyboard.
It's not so simple, if you look from first principles. It will always depend on the cost of communicating versus the benefits of economies of scale in computing. Currently, most many can only be done in the cloud due to the massive scale benefits and relatively low communication costs. If communicating doesn't get cheaper but smartphones get massively more powerful and roomy overnight this might change; but it is a fact of computer science that there are economies of scale to lumping queries from different users.