As game development/marketing budgets continue their unstoppable march upwards, large publishers of AAA games will have to figure out how to expand and develop sales of their products in emerging markets (e.g. China, ME, Asia).
Sure they're all chomping at the bit to increase their monetization of existing markets today, through GaaS and micro-transactions, but there's an inherent limit to this that will only become more restrictive as time goes on and the rise in average salaries vs. inflation continues to crater in the all the largest gaming markets.
So if emerging markets—where physical boxed products are more important—will become more important over time, then moving to a cloud gaming model will only limit the reach of publishers in these ever increasingly important markets.
Likewise, cloud streaming models for entertainment media almost certainly come at the expensive of individual media product diversity; i.e. you're merely funneling more of the revenue towards an increasingly smaller and smaller pool of content creators. If such a model was to become the norm for gaming, it would potential lead to the complete end of smaller more niche games and game genres being developed.
All this is not even to mention that cloud gaming has been tried twice, and twice it has been almost universally rejected by consumers. I don't personally consider "infrastructural" problems to be the primary reason for this... but that's ok, EA, you go chase the cloud, as I'm not all that sure we'll really care if you run yourself out of business doing it.