Does the "Cloud" run on physical servers in datacenters

Actually, I addressed this point. Even under non-ideal conditions, the economic profit tends toward zero. It just never reaches zero and stays there.

> you are also ignoring the fact that businesses convert labor into money, including the efforts of the owners.

No, I'm not. The labor invested into the business is part of the opportunity cost. The same capacity for labor could be put to use in another line of work, or in leisure. Accounting profit does not consider the value of the owners' labor; economic profit does. This is part of the reason accounting profit overstates the business's actual profitability.

> There is also the matter of convenience and trust. ... they can significantly change the amount of profit that a company can make.

Sure, but there is a cost to providing convenience and trust. Some of that cost may be measured and quantified; the rest is not factored in to accounting profit, again exaggerating the overall profitability of the venture. Economic profit considers the total cost.