The main factor for the consumer is cost, this is where china is beating the US at, with their extremely cheap stuff that works, while may cost more in the long run. However i've seen china make good quality stuff cheaper too.
For us MSPs...(IT guys that take care of SMBs)...centralizing management of our clients is a very important and valuable feature for us. For pretty much ANY of our services. It's important to keep things as centralized as possible for us, have a portal for key important services we manage, such as our RMM tool N-Central (remote monitoring and management), our backup/disaster recovery services (Solarwinds BDR, Datto), Untangle added a console several years ago. About 10 years ago some products came out for network equipment, such as Meraki, OpenMesh, and Ubiquiti.
Having things centralized in a multi-tenant dashboard is important to us because it's quicker and easier to make changes, or just eyeball the status of things. Less time we spend doing something makes things that save time more profitable for MSP clients that pay a fixed monthly price for services. Versus the old fashioned time consuming way of having to log on locally onto each device to make changes.
I guess not every MSP has the skill set, or cash, or interest to build a proper private cloud. The question to ask is to hire a technician to manage customer network, or to manage the private cloud.I could see the advantages with a private cloud without the vulnerabilities of a public one.
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