Cloud services have a lot of competition.

I can choose Hetzner, which is a high quality low cost provider of basic cloud services. I can deploy open source options onto their cloud and push costs quite low.

The cost of cloud services has not soared. And companies like Cloudflare have continued to undercut AWS at every opportunity.

Oracle, Microsoft and Google all have strong incentive to hold AWS in check on what they can charge, and they do exactly that through rampant competition.