The whole base concept behind the "cloud" is to make software and data access a "commodity" such as water (or for most, electricity) distribution: make everyone depend on large-scale, official services, and even eventually forbid anyone to use "unauthorized" distribution channels, including your own. May very well happen someday with data.
Has it not worked for water in the long term? It unfortunately looks like it has. And I'm sure many people were very wary about water distribution at the time it began to be handled by states and later, private companies.
And the same arguments are provided: ease of access, safety... (before centralized distribution, water was very unsafe and a major vector of disease... we could argue the same now with data due to hacking, viruses, integrity, etc.)