You have control over on premise and you know what happened. On premise servers also have less downtime (in a sense) because you are responsible and know what you are doing. Who knows if this downtime was because of a silent push that wasn't suppose to cripple the systems but it did?
Hardware Failures usually never take this long. Hardware failures are probably the easiest to fix especially in a data center since you build it to be replaceable. All storage is NAS so if a server goes down you slap a new one in boot it up and it gets provisioned. Where as if a software push goes bad, then your rolling back and that takes forever.
So what you are saying is that cloud providers have no idea what they are doing? Downtime is downtime, in the cloud or on premise. In either situation, there is a team that is responsible for getting services back up and running. Microsoft will write up a report in a few days to let us know what happened.
Just because you have control over something (on premise), doesn't mean fixing it is any faster than a cloud service provider fixing something.