I can only agree. I once shut down the nearline storage of a bank, one half of an airline booking system and a newspaper Storage Array. If you wonder - I was at fault once, then there was bad firmware and one logistical error (wrong part in box - so essentially also my fault).
Never the less - in each Case redundant systems kicked in, customer staff was trained and experienced to anticipate and handle such incidents.
Back then, companies recruited to find the best staff and then continued to train them. Nowadays companies are struggling to find staff just cheap enough to keep the lights on. If anything out of the ordinary happens they're screwed. The cloud won't help the situation from a technical perspective.
It put an abstraction layer between management and technology so they can distance themselves from technical faults.