One issue with commoditisation or the more general "utility supply" model for IT is it is rather different from most other things we have. Take electricity or gas as a good example, unless you are in the middle of nowhere or have some absolutely critical system you don't have your own generator, and only proper IT places even consider a UPS to allow for glitches in supply and orderly shut down. The reason of course is that the supply of such things is to a simple standard and with very little difference its the same from any utility world wide. Same for food, we are pretty much omnivores so can easily change to what food is on offer from any supplier.
But with IT we have the continued issue of lock-in, either from APIs that only one vendor supports (properly and fully, maybe not even that) or from a growing archive of unique data that becomes a major issue to migrate. And no one is really up for paying for two redundant cloud suppliers "just in case" the brown stuff meets that rotating air mover. In sort, we can't simply move from one supplier to another with ease, except for a few very basic cases like backup storage.
Sure with on-site stuff we still have a form of lock-in as its rarely simple to replace stuff without changes, but we are not normally in a position of an external supplier being in control of what we can do with it. With the cloud they can (and often do) make changes that you have no control over, and can shut you down or price you out of competition more easily because they have your data.