In a lot of ways the cloud is better than my personal computer, even if I'm on it.

There is a reason I have a server in my basement - it lets me edit files on my phone (if I must - the keyboard is and screen space are terrible compromises but sometimes I can live with it), laptop (acceptable keyboard and screen), or desktop (great keyboard, large screen); it also lets me share with my wife (I haven't got this working but it can be done). I have nearly always had a server in my house because sharing files between computers is so much better than only being able to work on one (or using floppies). The cloud expands my home server to anywhere in the world: it offloads security on someone else, and makes it someone else's problem to keep the software updated.

There is a lot to hate about the cloud. My home servers also have annoyances. However for most things it is conceptually better and we just need the cloud providers to fix the annoyances (it is an open question if they will)

Rental seems to be about corporate laptops. Companies just want things to work at a predictable cost. They are already replacing laptops after 5 years even if they work. They are already replacing a few laptops that break in less than that 5 years. In short they are already renting the laptops, they are just paying the price upfront and then using accounting to balance it out. Rental just moves the accounting, but otherwise nothing changes.

For consumers who don't replace their laptops on a schedule it makes less sense.