Being able to self-host is a hard requirement for many organizations. Especially for tools like a wiki, which may contain proprietary/secret business information.
The last time we reviewed the Atlassian Cloud hosted products, they did not meet our security needs (requirements include isolated tenant from other customers, customer managed keys, etc) though they were much closer than a few years earlier. We also review the general security practices of the company (for example to make sure they implement a secure SDLC and follow other security best-practices).