Most "legacy" hosts do yes. The norm used to be a percentage of your bill for every hour of downtime once uptime dropped below 99.9%. If the outage was big enough you'd get credit exceeding your bill, and many would allow credit withdrawal in those circumstances. There were still limits to protect the host but there was a much better SLA in place.

Cloud providers just never adopted that and the "ha, sucks to be you" mentality they have became the norm.