Consider that there are labor costs around operating services on AWS as well, and it's generally more expensive by the hour, and labor cost of managing your own servers is fairly low.
I have plenty of servers sitting in racks that haven't been touched in 5+ years; if you were to operate on a "buy and throw out in a year" practice, my typical labour costs would average a couple of hours per new server for setup. Or if you rent managed servers, you don't ever need to touch (or see) the hardware.
Conversely, you can get bandwidth at a tiny fraction of the cost of AWS bandwidth, so the moment you actually transfer data to/from your setup, AWS gets progressively more expensive.
I have plenty of servers sitting in racks that haven't been touched in 5+ years; if you were to operate on a "buy and throw out in a year" practice, my typical labour costs would average a couple of hours per new server for setup. Or if you rent managed servers, you don't ever need to touch (or see) the hardware.
Conversely, you can get bandwidth at a tiny fraction of the cost of AWS bandwidth, so the moment you actually transfer data to/from your setup, AWS gets progressively more expensive.