I would guess that all of these companies that are moving back are throwing in the towel on their cloud migration/modernization plans under the guise of "repatriation" when it's really poor execution without any responsibility.
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The trick is to not care, and be proficient as a technologist; you make money either way riding the hype cycle wave. Shades of Three Envelopes for the CIO and whomever these decisions and budgets roll up to.
https://kevinkruse.com/the-ceo-and-the-three-envelopes/
(If you genuinely get value out of premium compute and storage at a cloud provider, you're likely going to keep doing that of course, startups, unpredictable workloads, etc)