Something like Office 365 is better value sometimes, but only if you actually want the extra bits they're selling. You have to compare the pricing of the things you want or need, not the things you get.
I can't think offhand of a scenario where you're going to want to run your own personal Office license on someone else's PC, for example. Most people don't have more than one PC at home on which they'd need Office anyway, and in the cases you "suddenly" need it somewhere it's not like it's magically there in five seconds anyway.
It's the same with Exchange Online (Office 365 Exchange) and comparing to on-premise deployment. A small business is probably going to be "happy" with one non-redundant Exchange server. But Office 365 comparisons assume that you desperately want a multi-datacenter environment and price the on-premise world accordingly - which is ridiculous for a one-site organisation with 60 people. To give you some idea - Exchange Standard + standard CALs for 60 people is something like $1000 + 60 x $140. Office H+B comes with the PC for about $290. One-off price including an OS license for a VM/small server totals about $10K. Office 365 BP for those same 60 users is about $1200. A month. Break-even, even considering hardware, backup and services is about 16 months.
Yes, O365 Business Premium gives you a TB of shared storage (one customer I'm thinking of has a custom application with all data in SQL, no or minimal NAS data). You get Teams (but they're not interested - we've asked! - they're mostly office- and desk- bound anyway and work getting customers, rarely with each other). You get Office Web apps ... to run on the desktop they use every day. The extras are there, but they don't provide value.
Or take a car analogy. You can pay $5K for a car that will get you from A to B. You can pay $1000 a month, and they throw in fuel, a garage in Walthamstow, where you can store all your spare tyres and fuel cans. You get a race helmet, race suit and installable rollcage. They provide a race engineer for you. But if all you want to do is get from home to the train, that's not valuable.