Oracle Cloud Infrastructure tries to fill exactly this sweet spot. Cheaper compute than the other hyperscalers, while still offering similar security features (TPM, Shielded Instances, Measured Boot) and a bare-metal-first focus.

Disclaimer, just joined Oracle a few months ago. I'm using both Hetzner and OCI for my private stuff and my open-source services right now. I still personally think they've identified a clever market fit there.