This is partially the result of cloud providers and partially business leadership. They, for whatever reason, insufficiently educated their clients on migration requirements. Lift & shift from on-premises to cloud only work for emergency. The shifted resources must be converted to cloud stack, or the cost will be multiples of on-prem costs. Business leadership was (is?) ignoring IT teams screaming of the problem with lift & shift.
Now, businesses shifting back to on-prem because they are still uneducated on how to make cloud useful. They will just shift all non-core activities to XaaS vendors, reducing their own cloud managed solutions.
Source: dealing with multiple non-software, tech firms that are doing just that, shifting own things back to on-prem, non-core resources to XaaS.
replies(1):