This is why lots of software has started adopting SSPL license which doesn't actually fix the problem and isn't a FOSS license.
I still think a new license scheme should be considered though. Giants like AWS and Google have been profiteering off of FOSS for way too long now.
AGPL has been deemed generally successful in this regard because it has been upheld in court cases and forced companies to comply, which it seems to work pretty great for SaaS.
The problem is these giants will usually just choose a more permissive alternative anyway. Both MongoDB and Redis have forks that they can use, and GPL itself is permissive enough for private forking being legal.