Isn't cloud init just slurping its own config file, then generating the "real" config files and slurping those into the right spaces?
To me, "copies a file named wpa_supplicant.conf from /boot to /etc on first init" is simpler than "parses some yaml, the generates /etc/wpa_supplicant".
Maybe I'd find it worthwhile if I had encountered cloud init years ago before I invested in learning the other 900 linux networking configuration tools, but now it just feels like a case of XKCD 927 (+1 competing standards). If cloud init is even better, it definitely doesn't seem 10x better to be worth the change.