If you argue that you can trust the cloud provider not to be malicious, you also just argued that you don't need SGX at all. No tinfoil hat required. And yes,

If you argue that you can trust the cloud provider not to be malicious, you also just argued that you don't need SGX at all. No tinfoil hat required. And yes, not using that tech is not a better approach then, but not worse either. But better in the way that Intel doesn't need to build convoluted shit into their cpus that might actually worsen security through exploits.