Quality of the backbone matters - Hetzner is going for the cheapest it can find, and (presumably) peering where it can, with whomever it can find. AWS and GCP

Quality of the backbone matters - Hetzner is going for the cheapest it can find, and (presumably) peering where it can, with whomever it can find. AWS and GCP both have much more investment into their own backbone, plus higher quality transit providers.