Oracle has made a large bet on being a cloud, but nobody wants their terrible cloud, which is reflected in their dollar-store prices. They staffed up and built facilities that they can't sell so I am not surprised they are now swinging the axe.
I use it only for the free(for now) tier. I always thought AWS console was about the worst UI/UX could get.
Not to be outdone, Oracle came along and said 'hold my beer.'
I posted a response from Gemini where I asked Gemini, "Do you have citations proving or disproving whether Oracle Cloud is still attracting cloud customers away from Azure, AWS and GCP?" and it seems it disagrees with your "nobody wants their terrible cloud" view.
Oracle Cloud isn't actually "terrible cloud", but it definitely isn't geared toward smaller users like startups and individuals. It's downright hostile to casual use. But for fortune 500 companies who don't mind being in bed with Oracle, the price can be right.