It's pretty much half the puzzle actually.
You contend there's no global rm rf for a global cloud provider, but clearly a missing parameter can rm rf a customer in an irrecoverable manner.
The only half you're missing is... how every major cloud outage happens today... a bad configuration update. These companies have hundreds of thousands of servers, but they also use orchestration tools to distribute sets of changes to all of them.
You only need a command to rm rf one box, if you are distributing that command to every box.
Now sure, there are tons of security precautions and checks and such to prevent this! But pretending it's impossible is delusional. People do stupid stuff, at scale, every day.
The most likely scenario is a zero day in an environment necessitating an extremely rapid global rollout, combined with a plain, simple error.
The release process, monitoring checks, etc. for a customer's private cloud is generally significantly different from the release process for a global product. I'm not going to get any more specific for all the standard NDA reasons, but having worked for Google and Microsoft among others....no, the risk you describe doesn't translate from one to the other.
And the most telling thing about most of these outages is that the provider later admits in their postmortem that they just didn't really understand how the system they made worked until it fell over and were forced to learn how it really works.
It's the sort of thing that used to keep me up at night.