afaik prices for the big cloud providers haven't changed this much. Their instance prices are already inflated and they're probably willing to eat into their own margins to keep prices stable and just wait out the capex increase (also probably a drop in the bucket next to the hyperscale rollout).
People love to say how great it is for these alt clouds to have lower prices, until they're exposed to market forces with a company unable or unwilling to eat their profit margins.
There is not a snowballs chance in hell that MS or Amazon isn't charging you at your absolute pain tolerance. As that tolerance goes up because the baseline of the market raises prices, the "hyperscalers" will too, but tenfold.
I think you're making a false comparison. Big cloud providers have many more hidden config settings they can tune to save costs, they are not offering dedicated server with specific hardware. Hetzner's dedicated servers have a specific hardware configuration that you are contractually obligated to.
People love to say how great it is for these alt clouds to have lower prices, until they're exposed to market forces with a company unable or unwilling to eat their profit margins.