I would agree with you but for one thing : if management has no clue, then the "solution" employed doesn't matter ; whatever it is, it'll get screwed up.
So forget the clueless management, they're doomed anyway. We're talking about backup solutions that work, which implies management know how it works and, more importantly, why.
And for those cases, cloud simply does not cut it.
However, I fully expect future disasters to be laid squarely at the feet of incompetent management, so saving the bacon of cloud providers despite the fact that they cannot possibly deliver on the bandwidth and availability they promise because they do not control what happens between their cloudy servers and the client's door.