*If you're large and have a constant, stable usage pattern it makes no sense.

Even for large companies, if you have somewhat stable usage most of the year, but periodically have usage spikes, cloud providers still remain super beneficial.

That's the whole selling point of cloud. Spins up the resources when you need them. Spin them down when you don't. Cloud thrives off companies spinning up resources and never spinning them down, even when they don't need them anymore.