The outsourcing of the 90’s proved problematic, because EVERY change became subject to cross-company contracts.
This is different.
Managed private cloud draws the boundary at a very specific level - just the infrastructure operations are outsourced. All business workloads are operated on the cloud, by the business, which can drive change as fast as needed using a fully automated cloud infrastructure.
That makes a much more efficient arrangement - commodity layers are run by cloud specialists like Canonical with the resulting operational efficiencies. Specialised business applications are run by the business owners - who are the experts in what they want.
A fully managed private cloud in your DMZ is the first step for many companies - run low-risk workloads in a private cloud where someone else sweats the details but you get the financial benefits of long-term compute and storage ownership because it’s in your data center on your hardware.