Using this logic, we'd be still using landline phones. The reason decentralized/baremetal is not popular is the same reason why cloud is: It's not as practical.
Once there is the infrastructure to make it as practical as cloud (or more), the change will happen.
Landline phones are an example of centralized infrastructure. You don't own anything but your phone, and the landline company owns and manages the rest, and you can be cut off at any time. Landline vs. mobile isn't as different as you might think. The business model is the same (monthly subscription). The only difference is the lack of being physically tethered to your voice connection and of course the addition of data services.
Once there is the infrastructure to make it as practical as cloud (or more), the change will happen.