It is indeed cool tech. But be aware that e.g. building weapons is also playing with cool tech.
The main problem I see: Who is the attacker and who is the defender. The presented scenario has the machine owner (renter?) as defender, so no problem. In quite a lot of cases, the machine owner is the attacker, and e.g. Microsoft is the defender. That's where things get nasty.
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[ 2.5 ms ] story [ 10.4 ms ] thread> Every modern motherboard ships with a tiny cryptoprocessor
The majority of implementations for quite a few years now are fTPM, that is TPM on the CPU package rather than the motherboard.
The main problem I see: Who is the attacker and who is the defender. The presented scenario has the machine owner (renter?) as defender, so no problem. In quite a lot of cases, the machine owner is the attacker, and e.g. Microsoft is the defender. That's where things get nasty.