Agree totally. I would find it hard to believe, that large well financed companies, with some of the most technically capable staff on the planet, would have the restraint to not peek.
Right, so one cannot assume that these cloud providers have a golden heart and won't peak into our data. I don't see what stops them from peeking into the data, ensuring that the business dies and later just pay some "fine". Basically what MS did killing many companies unscrupulously.