Sure, of you are a one-man shop trying to sell IT services in a regulated category to banks, hosting is not something you want to add to your list of problems.

This is not comparable to the situation in a company like Airbus, with perhaps 10k people of every imaginable expertise employed in just the IT department. Not comparable to most companies that are 1/50th of Airbus size either.

For a largish company (1000+ people, 500M+ turnover), assigning ten FTE:s to managing the racks and general core infra on a 365/24 basis and another five lawyers and general bureaucrats to deal with the general paperwork is nothing.

The reason for the big cloud shift in the 2010s was other things. A lot of hype/lies about how fast, cheap and easy things would be. And in many companies probably also a feeling that internal IT were a bunch of morons who failed at anything you asked them to do, and that anything else must be better.