What hype cycle does this smell like? Because it feels different to me, but maybe I'm not thinking broadly enough. If your answer is "the blockchain" or Metaverse then I know we're experiencing these things quite differently.
Where platforms and applications are rewritten to take advantage of it and it improves the baseline of capabilities that they offer. But the end user benefits are far more limited than predicted.
And where the power and control is concentrated in the hands of a few mega corporations.
Literally a society-changing technology.
I have no idea how you can possibly shrug off the cloud as not that beneficial.
How have you judged the end user benefits of the cloud? I don't agree personally - the cloud has enabled most modern tech startups and all of those have been super beneficial to me.
I guarantee you that the cloud has benefitted you in some way, even though you aren't aware of the benefits of the cloud.
Page after page of Wired breathlessly predicting the future. We'd shop online, date online, the world's information at our fingertips. It was going to change everything!
Silly now, of course, but people truly believed it.