Lol, so many doomers around at the moment.
Central bank interest rates don't really matter much for investors or borrowers. Typically investors would use the 10y treasury yield as an approximate risk free rate and apply a risk premium to that calculate their required ROI. Central bank interest rates only matter to banks.
For the last decade 10y treasury yields have ranged from around 1.5% - 3%. And as recently as 2018 they were around 2.8% - 3.1%. Today the 10y treasury yields around 4.2% which is meaningfully higher, but I think people are vastly over stating the impact of this. It's also quite possible the 10y yield is currently peaking and will move down over the next year. The long-end of the yield curve typical moves with inflation + economic growth expectations. I'm not committed to any side of this argument but I will say there is good reason to believe inflation pressures are likely to trend lower globally over the next several decades because of global demographic trends and slower rates of productivity growth. This is why interest rates probably haven't been as recklessly low over the last decade as many people in 2022 like to suggest - they've needed to be as low as they have been to prevent deflation and economic contraction.
Similarly to investors, companies don't borrow at the Fed funds rate, they borrow at a premium to what the treasury market yields. So while corporates will need to borrow at a slightly higher rates to fund growth going forward, I again think people are vastly over stating the impact of 1-2% higher borrowing costs.
That said, it's totally reasonable to expect margins to fall as industries mature - especially when there is a lot of competition in that industry. I do believe cloud margins will contract slightly over the next decade, but I'm not convinced pricing is in a bubble either. Firstly, investors (collectively) are far from stupid. If you think the market is wrong and that you're the only one to see these risks then you probably haven't been humbled by the wisdom of markets enough. Cloud company will be growing for many years to come and valuations today imo do already allow for some margin contraction. But we've seen this all before... As OP mentioned SSL certs used to be ridiculously expensive, now you can get them for free. I personally remember having to pay several hundred dollars a year for a VPS, dedicated IP and SSL cert back in the mid 2000s. Hell, it cost about a $100 a year just for a domain + decent webhosting back then. I mean if pricing is in a bubble today then you should have seen it a decade ago...
Finally, when it comes to mortgages obviously it's important to ensure you can afford your repayments even if the unexpected happens, but as a long-term borrower inflation is your friend. Even if real wage growth for software engineers decline the likelihood of significant nominal wages declines for software engineers is practically zero. As an example while the real wages of cleaners and factory workers may have declined in real terms over the last few decades, in nominal terms they're making more than ever, and that's really all that matters in terms of servicing debts.