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They already did before this. MS-hosted Office 365 is running the vast majority of worldwide corporate email and hosts a significant amount of corporate files on business OneDrive/SharePoint. I’ll never understand why companies bought into ‘the cloud’ so easily.
For most these things, it is far cheaper to simply use some sort of SaaS than to actually set things up in house. There’s probably plenty of times where it’d in theory be cheaper in the long term, but most businesses are going to see the short term savings as extra capital to try to expand.
In my size of company, it’s simple. I simply don’t want the overhead of running an email system. It’s not just running a server, it’s running a server farm for HA, dealing with domain blacklisting, retention systems, storage and firewalling to name a few.