100% this. The AWS of today is going to be the Hetzner or Digital Ocean of the future. They'll still have hyperscale, but will not be seen as innovating on first party products or a leader in the AI managed services industry. And frankly, they are currently doing a shit job of even this, because Oracle is in the same category and OCI has been eating everyone's lunch (for the past two years!).
Is OCI really eating everyone lunch? Sure, it's showing massive growth but that's because Oracle has been running around offering insane discounts.
We were cloud shopping, and they came by as well with REALLY good discount. Luckily our CTO was massively afraid of what would happen after that discount ran out.