Reading the tea leaves: given that the outage started with "connectivity issues affecting the File Manager", which was an install of Monsta FTP [1] - a commercial PHP application - I suspect the file manager got popped by one of the recently published PHP vulnerabilities, and users' FTP passwords got stolen in the process.
I've been a user for more than 20 years. With their shared hosting plan, which was about $5/mo. when I joined and is now $13/mo, I've been able to host my personal blog and professional site, as well as probably 3 dozen other sites over the years, including several that have hit the HN front page and never got hugged by the squeeze of death.
Honestly, compared to some of the professional environments I've worked in, it's a joy to have an idea, create a few PHP files, and in a matter of seconds have that idea live.
It's cheap and reliable with predictable costs. It hasn't caused me any problems in a decade. Most of the websites I want to host don't need cloud anything, they're statically generated.
[1]: https://www.monstaftp.com/
Honestly, compared to some of the professional environments I've worked in, it's a joy to have an idea, create a few PHP files, and in a matter of seconds have that idea live.