I think this is why having the ability to self-host is worthwhile. This option gives you flexibility to bring this stuff in house if you want to build a team to operate it (or put it on a current team's todo list).
Should you? I don't know your situation and whether you can build an Okta-caliber level team internally. (My guess is that many smaller or non-tech focused orgs would have a hard time with that, but that's just a guess.) It's a hard question worth asking.
It's easy to think "we could have done better" when things are on fire, as opposed to all the times when the status chart is all green and you don't have to think about Okta (feel free to s/Okta/other service provider/) at all.
Disclosure: I work for FusionAuth, an auth provider that has both SaaS and self-hosted installation options.
When I worked for an event services company and a fairly large SR22 / budget insurance company the better question is not cloud or no but really hybrid cloud systems. The first one had a rather long downtime event that they invested in a remote failsafe. The insurance company was largely resilient and when power went out the servers were up but the people doing work weren't able to come there. They bought a generator but they weren't able to turn it on.
Blaming Okta or any other group isn't the issue. Your customers don't care how you are down they only care if you are down.
Also, I got a bill from Amazon when I forgot to shut down a pagemaker instance and that cost me $700. I self host now buying a business internet package with a static ip. I also upgraded the machine but it wasn't necessary and in hindsight I shouldn't have done the upgrade but just fix the case.
Should you? I don't know your situation and whether you can build an Okta-caliber level team internally. (My guess is that many smaller or non-tech focused orgs would have a hard time with that, but that's just a guess.) It's a hard question worth asking.
It's easy to think "we could have done better" when things are on fire, as opposed to all the times when the status chart is all green and you don't have to think about Okta (feel free to s/Okta/other service provider/) at all.
Disclosure: I work for FusionAuth, an auth provider that has both SaaS and self-hosted installation options.