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Long time ago I shared the same fears as chants, back then it all flew under the name "Trusted Computing Platform Alliance"/"Trusted Computing Group" already than people feared systems getting locked down.
Even governments being able to globally blacklist documents created by 3rd parties they did not like, etc...
And of cause total loss of privacy...
Today almost 2 decades later while the technology progressed it was not implemented in this terrible way. Now yes we have TPM's and secure boot, but the former almost no one uses and the later is easily bypassed or even disabled at all.
While there will always be people trying to limit freedom and take control, I think for the foreseeable future the people opposing them will keep the upper hand.
And about software moving in to the cloud, have you ever tried german internet outside of the big cities? Its abysmal, slow, almost unusable and 5G will not change that. I find it difficult to believe that in the rest of the world (except parts of Asia) the situation would be substantially better.
Hence imho there are large technical hurdles for software to fully move into he could.
Sure some does, and other exists only in the cloud, but I don't think that will become a pattern to be replicated by everyone.
Also on the other side we see more and more good open source software so that we relay less and less on commercial products. And unlike closed source software that comes and goes, open source is open for ever as long as there is some one that needs it enough to maintain it.
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