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Why hasn't Amazon or Microsoft's cloud hosting businesses been able to disrupt Oracle's database dominance in the enterprise?

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3+ decades of work experience with 20 yrs into IT Infrastructure services- both traditional & Cloud

It's not true. If you are talking about cloud services, AWS is #1, followed by MS Azure and then Google Cloud. Oracle is predominantly an Enterprise-class Database Management solutions provider. They have cloud services too but not famous yet.
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I would say that there is still an unsaid concern of data not being located in premises. In our country, the communications network is still not that stable or instead does not provide consistent quality service. Hence Databases being critical concerning data availability and with communication networks...
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I would say that there is still an unsaid concern of data not being located in premises. In our country, the communications network is still not that stable or instead does not provide consistent quality service.  Hence Databases being critical concerning data availability and with communication networks still needing a wee bit more of quality, the cloud may not yet be a full choice.

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