Everything old is new again...
So, we go back to the "terminal" that sits on your desk, and connects to "central". Jeez, we did this back in the 60's. Then came minicomputers, then microcomputers, then the PeeCee, all in an effort to get the compute engine closer to the user where they can blow it up themselves. If the local compute engine blows up, just shift to the one you have next door.
Fast forward to today, and we go back to the "as a service" people and the non -local control of things. Then you get single points of failure (authentication scheme). Not too good.
In the end, I want to own my own home, not rent it forever. I may want to "improve" it as well to suit my needs. Good luck with that on a rental!
So, Cloud == Stupid, which gives stupid a bad image!