A good example is a the big lichess outage from last year [1]. Lichess is a non-profit, and also must serve a huge user base. Given their financials, they have to go the cheap dedicated server route (they host on OVH). They publish an Excel sheet somewhere with every resources they use to run the services and last year, I had fun calculating how much it would cost them if they were using an hyperscaler cloud offering instead. I don't remember exactly but it was 5 or 6x the price they currently pay OVH.
The downside, is that when you have an outage, your stuff is tied to physical servers and they can't easily be migrated, when cloud provider on the opposite can easily move around your workload. In the case of Lichess outage, it was some network device they had no control of that went bad, and lichess was down until OVH could fix it, that is many hours.
So, yes you get a great deal, but for a lot of businesses, uptime is more important than cost optimization and the physicality of dedicated servers is actually a serious liability.
[1]: https://lichess.org/@/Lichess/blog/post-mortem-of-our-longes...
yamaha: sure, here you go
customer: great, thanks! lol, I also need a motorcycle. Do you know where I can buy a good one?
yamaha: you're not gonna believe this...
Also, you should note that Yamaha Corporation, the musical instrument maker and Yamaha Motor are now 2 distinct independent companies, even if were originally part of the same group.