OVH has new servers.
Their sub-brand soyoustart has older servers (that are still perfectly fine), roughly E3 Xeon/16-32GB/3x2TB to 4x2TB for $40/m ex vat.
Their other sub brand kimsufi for personal servers has Atom low-power bare metal with 2TB HDD (in reality it is advertised 500GB/1TB, but they don't really have any of those in stock left, if your drive fails they replace it with a 2T - so far this has been my exp) for $5.
All of this is powered by automation, you don't really get any support and you are expected to be competent. If your server is hacked you get PXE-rebooted into a rescue system and can scp/rsync off your contents before your server is reinstalled. OS installs, reboots, provisioning are all automated, there's essentially no human contact.
PS: Scaleway, in Paris, used to offer $2 bare metal (ultra low voltage, weaker than an Atom, 2GB ram), but pulled all their cheap machines, raised prices on existing users, and rebranded as enterprisey. The offer was called 'kidechire'
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It is kind of interesting that on the US side everyone is in disbelief, or like "why not use AWS" - while most of the European market knows of OVH, Hetzner, etc.
My own reason for using OVH? It's affordable and I would not have gotten many projects (and the gaming community I help out with) off the ground otherwise. I can rent bare metal with NVMe, and several terabytes of RAM for less than my daily wage for the whole month, and not worry about per-GB billing or attacks. In the gaming world you generally do not ever want to use usage based billing - made the mistake of using Cloudfront and S3 once and banned script kiddies would wget-loop the largest possible file from the most expensive region botnet repeatedly in a money-DoS.
I legitimately wouldn't have been able to do my "for-fun-and-learning" side projects (no funding, no accelerator credits, ...) without someone like them. The equivalent of a digitalocean $1000/m VM is about $100 on OVH.