I don't buy that, liability to who? If Netflix goes down, I'm gonna cry and tweet about it, I'm not going to cancel my account. Their catalog is unmatched. colocating across the world is not easy, they also have scale that goes up and down based on time of day, and say holidays where they really need to scale up. Cloud is great for that, the elastic part is great, place the core on there and scale up and down as needed. What they did with active-active resiliency and being able to shift traffic across regions is the entire point of cloud, as we some a bunch of services where down last week with AWS having issue but netflix never skips a beat on such issues.
I don't mean they'll make excuses toward customers but say they can simply blame AWS toward content providers when something happens to the infrastructure instead of begging them to wait while they prepare for a damage report on their custom infrastructure.