I don't want to argue that AWS is cheap, but I call hyperbole here. Where can I find an m5.large (2 core 3.1GHz CPU, 8GiB RAM, 10Gbps network, $70/month) for $7 USD a month?
The plain servers aren't that bad, but then they get some extra billing in. Traffic is pretty nuts, if you sustain sending on that 10 Gb/s link it will cost you approx $160000 per month.
Then there are all the services that ain't plain servers, those are generally priced at at least a 10x markup, some of them much more than that.