I think one interesting context to consider in this is cloud repatriation. Economics that didn't really pencil out half a decade ago may be worth revisiting for a lot of organizations who now find that their actual bare metal needs are quite modest and can be well met by a few modern servers. The IOPS/$ graph here contrasting on-prem w/cloud in particular is quite telling.
I’m not disagreeing with this necessarily, but I do think a lot of people underestimate the costs of actually doing on-prem to a professional standard. You’ll almost certainly have to hire a dedicated team to manage your hardware, and you’re off in the woods as far as most of the rest of the world’s operating stack - an awful lot assumes you’re on EKS with infinite S3 and ECR available. It’s doable, but it’s not drag & drop - the cloud providers are expensive, but they are providing a lot.
I've seen a lot of workloads that had multiple servers or large RAID'ed NAS devices get shrank down to a single server after a single NVMe could provide more than enough random IOPS.