You are correct. I jumped into the MSP world for those reasons. Lots of SMBs can’t afford in-house IT, so look to 3rd-party providers IT support. Frankly, I’m all for the movement of bare metal servers to VMs. Furthermore, it’s just a matter of time when there will be enough bandwidth for all businesses to take those VMs out of an on-premises environment and into something hosted like AWS, Google Cloud or Azure.
COVID has certainly expedited some of that. However, what IT is today will become something different in the future. It’s definitely a continuing education trade. I’m old enough to remember being excited when DOS 6.22 came out, and I installed it on my 256MB HDD :). Time flies.