E.g. Hetzner offers an 8-core 128GB Xeon SkyLake machine with unlimited 1gbps traffic for around $120/month while Google offers n1-highmem-8 with 8 cores and 52GB and no traffic for $240/month.
1gbps unlimited traffic on Hetzner means 324 TB/month, which would cost 26000$ on GCP at the lowest 0.08$/GB rate.
So I would consider cutting the instance prices by half, and dividing the bandwidth prices by 1000, and then they will be competitive.