You really don't see the risk of having no data centers you actually control as an organization?

This really depends on what you think you're getting from having your own DC. Is it reliability? Flexibility? Control? What are your objectives?

There's some argument to be made to have some locally hosted stuff for some flexibility and control. And in some niche cases the pricing of public offerings doesn't make sense.

But as I said, if you're building your own data center for increased reliability then 1) you're necessarily assuming the premise that you're going to be better at managing DCs than Google, Microsoft and AWS which I think in reality would be hard to prove let alone do, and 2) is hard to justify considering you can distribute workloads across multiple data centers already (as proven by the Netflix example) so that your reliability isn't limited by any one vendor.