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Same like with crypto. If you don't "physically" hold it yourself - you have nothing. You can use AWS for Backups as long as you make sure you have them offsite as well or at a location where you have your own servers.
It's like a vendor-lock-in model. First they start out cheap and lure you in, then you can't leave and keep paying fee increase after fee increase. Like hotel California ;-)
AWS refugees dealz?