Remember when no-sql came out and everyone was rushing to it because "rdbms don't scale"? I'm beginning to feel the same way towards "cloud" in the Azure or AWS

Remember when no-sql came out and everyone was rushing to it because "rdbms don't scale"? I'm beginning to feel the same way towards "cloud" in the Azure or AWS sense. You can go really really far with standard issue VMs from linode or digital ocean and so on. I wonder how many are overpaying for Cloud services so far above and beyond what their actual needs are.