While I agree with the environmental, ownership and financial concerns, for me it’s seeing how stupid and dependent it makes people.
If we can’t get rid of them as a society, we should at least restrict/ban them in schools and universities.

There are 2 reasons for dedicated servers, matchmaking and refereeing. Both those functions can be archived by community servers, but need to exists. If you don’t have matchmaking you need to find opponents for each game by yourself.
If you have no referee, the player hosting the match can easily mod their game to have a god mode.