If you can't build/run a better AWS replacement then it's a mute point, isn't it?
Then the question turns into if you can't build better AWS, can you architect your application to handle AWS failures? AWS itself lets you handle many kind of failures at AZ/DC level. Are you using that? For global AWS outages, can you have skeleton, survival critical system running on GCP or Azure?
Have you thought about outages that would be out of your control and out of AWS's control e.g. malware, DDoS, DNS, ISP, Windows/Android/iOS/Chrome/Edge zero day? How are you going to handle outages due to those issues?
If you are prepared to handle outages (communication, self-preservation, degraded mode, offline mode) then can a serious AWS outage be managed just like those outages?