I, as many people have, discovered this when something broke in one of the golden regions. In my case cloudfront and ACM.
Realistically you can’t trust one provider at all if you have high availability requirements.
The justification is apparently that the cloud is taking all this responsibility away from people but from personal experience running two cages of kit at two datacenters the TCO was lower and the reliability and availability higher. Possibly the largest cost is navigating Harry-Potter-esque pricing and automation laws. The only gain is scaling past those two cages.
Edit: I should point out however that an advantage of the cloud is actually being able to click a couple of buttons and get rid of two cages worth of DC equipment instantly if your product or idea doesn't work out!