Serverless. Framework-as-a-Service. Function-as-a-Service. Lambda. Compute Functions.
Whatever you call it, serverless is, to some degree, a natural evolution of application management.
In the 90s, we had our own server rooms, managed our own servers and power and cooling and security, and deployed our software to them. In the 2000s, we used colocation providers like Equinix (many still do) to deploy our servers in our own cages or, at best, managed server providers like Rackspace.