The trust you have to give AWS or other cloud providers is not that different than the trust you give any number of vendors (email service, phone service, etc.). You have a contract with them that says they won’t do those things, and if they ever get caught doing them all the on-premise enterprise they’re spending a lot of effort on getting on board will dry up instantly.

Amazon can copy your business model just fine without looking at your servers. Most of what’s on your servers is probably irrelevant from their perspective.