I'm actually thinking the opposite. If you are a small company, the cloud makes sense and once you grow big it makes sense to build your own infra. For example my company of 10 people, we do B2B SaaS and we couldn't do that if we hosted ourselves. We would need people with the skill to set something like this up, develop physical security concepts, backup duplication, disaster recovery, etc. We would spend more time working on the infra than on the actual product we are selling.