Re: Goodbye and have a nice day!
I think this is the real point. This security theatre simply adds to the pretence that these cloud services are places you can unthinkingly store data that is of value to you.
By all means store copies, encrypted with your own keys, for relatively convenient remote access. But not your only copy. And without any reliance on the security offered by the vendor.
There are so many ways you can arbitrarily be denied access to your data either temporarily or permanently and other ways in which it may accidentally be leaked.
If your business "depends" on Service X, over which you have no control, what is your plan for the time when Service X is unavailable? Because that time will come.