> And Hetzner gives you almost all of that economic upside while taking away much of the physical hassle! Why are they not kings of the hosting world, rather than turning over a modest €367M (2021).

Hetzner is an oldschool German company, it is not surprising to see them act this way. They are very profitable (165M Euro in 2024) and have very little debt. They also seem to be mostly bootstrapped and are not VC funded

https://www.northdata.com/Hetzner%20Online%20GmbH,%20Gunzenh...