Roughly 10 dollars a year for a critical utility software isn't "fairly steep," and I also fail to understand how so many years of free updates imply any type of "reasonable" expectation of long term updates.
Unlike most of competing products, 1Password encrypts pretty much all information, including vault names, item titles, URLs, tags. It is easier to list what's not encrypted. It is also probably the only product using SRP.
Now check out what information is sent in plaintext or base64-encoded in other products.
Also I'm pretty confident the entire lastpass vault is encrypted locally as well.
"Hey your data is safe just because we have SOC 2 certification" -- that's not want you want to hear.
About vault being encrypted locally: https://hackernoon.com/psa-lastpass-does-not-encrypt-everyth...