While I agree in principle that "cloud"-based services are overrated for reasons we are all aware, the issue with Creative Cloud was a minor one.
I use Adobe software every day and I noticed the error just because I tried make a change in the subscription plan.
The apps run locally and the license is checked every 90 days. Yes, some people could not activate their licenses or they couldn't download an application. This is a DRM issue, like Microsoft's or EA licensing servers being down. This could have happened regardless of Creative Cloud.
The only cloud services are their Typekit and Edgefont font distribution and Behance portfolios.
So let's make this clear: Creative Cloud is a fancy way of saying "rented software". Compared to the traditional model, it may cost more or less, depending on the upgrading habits (personally I used to always upgrade and use the newest version, other users upgrade to every other version)