Meanwhile AWS is growing at 20%/year, Azure at 33% and GCP at 35%. That doesn't seem compatible with any kind of major cloud repatriation trend.
It doesn't work out well if you just create some long lived EC2 instances and call it a day. But that's not really using a cloud, just a VPS - and that has indeed never been cheaper than having your own servers. You need to go cloud native if you want to save money.
My organisation is feeling it now and while our cloud environment isn't fully optimised it has been designed with cost in mind.
Using opex to make up for otherwise unjustifiable capex is suitable only in the beginning or if you need the latest servers every six (or whatever) months