Many countries have laws requiring disclosure of items to the government. The government can do the same thing to your company. Granted, you can delay if you have the data, but they can still often seize it with law enforcement. Lots of countries, not all, have reciprocal agreements between governments for this. I don't worry about this, since most of the businesses that are legitimate have little to fear here.
You can't be sure your data isn't sold to others, though in many cloud environments, you are still controlling the security in your VM. Someone could potentially copy the VM and crack passwords, but I'm not sure this is easier in the cloud. They can easily pay one of your admins to do the same thing at your company. I'm not sure this is a huge potential problem. Tons of companies use hosting services, and this hasn't been a bit issue there, and those companies have physical access to your systems and could copy things.
Does not the agreements from the companies providing these services reserve themselves for chaining the agreements?
Not sure that you mean. The sentence doesn't make sense.
In terms of security and reliability, it's a gamble, but is it worse than your company? Arguably they have more experience providing services on a scale and do a better job because an outage affects lots of customers, and could put them out of business. I've worked in dozens of companies where the admins/developers/DBAs there caused outages because they weren't competent.
Contract for services, have penalty clauses, and work with the limitations. The cloud isn't for every company, nor for every database. You can keep complaining, or you can look for valid reasons why it will, or will not, work and use those as appropriate. It's not a blanket "bad idea". That's the complaint I heard about hosting services years ago, and about SaaS companies (like Salesforce). They're just not valid complaints for every situation.