Cloud mining does not only allow people to obtain Bitcoin but also guarantees that the user does not need to buy expensive hardware.
But as far as it is centralised and based on trust, cloud mining services and any other types of mining depend on reputation.
If more and more people will use cryptocurrency, cloud mining will evolve providing users with an easy way to mine distantly and the industry itself becomes more famous, legal and reputable.
If you buy a cloud contract you are responsible for all the risks involved. You will win if the price of the cryptocurrency goes up, but you will lose if it declines, especially if the decline is heavy.