I don't see what's surprising here. This is the ski rental problem [0]. Would it surprise anyone to learn that renting a car is more expensive in the long run compared to buying one? This is the same thing, only the time scales are different. [0]: https://en.wikipedia.org/wiki/Ski_rental_problem
Hence, some of these saving should be passed on to consumers and it should be cheaper.
The counter argument is that the cloud is over-engineered (redundancy, backups, better software) for enterprise customers. You u are paying for all these benefits whether u want to or not.