Depends. Ones like Nutanix with zero plan, that makes no sense and that's why we are concerned here. Others, like Amazon, that are obviously and publicly trading profits today for market growth, but could be profitable at any moment if they wanted to be make total sense.
But...... they are a cloud software company who makes an HCI appliance that can BACKUP DATA TO THE PUBLIC CLOUD! OMGZ IT'S SO FORWARD CLOUD THINKING! CLOUD CLOUD CLOUD CLOUD! OHHH IT CAN CREATE A CONTAINER ON GOOGLE! OMGZ CLOUDS!
On a serious note, the cloud washing in this industry is awful when someone who makes a hypervisor that doesn't run in/on ANY public clouds can be considered a cloud company.