I balk at yearly subscriptions to software too for the exact reason you state. But, I also realize that one time purchases don't keep the doors open indefinitely. I wish I had a magic solution for this conundrum, but I don't.
This doesn't seem to be any better incentive-wise than the model I described (stopping payment stop further updates, so you keep whatever you have today), but comes with the user-backlash of losing what they thought they had (no one feels good about rolling back)
tl;dr: you buy the app and 1 year of updates. You keep what you pay for.
I wonder if it would be viable for an app like photoshop to have a feature marketplace. You start with a very basic version of the app and you buy the features you want piecemeal. You then have a separate service contract for ongoing support (ie: bug fixes).
[0]: https://agenda.com/ [1]: https://medium.com/@drewmccormack/a-cash-cow-is-on-the-agend... [2]: https://www.sketch.com/
It might work better with consumers, where such a strategy isn't cost-effective, but I also imagine its a difficult system to tech support -- you get a combinatorial explosion of possible "features" that may be in play. Anyways, it incentivizes bad behavior even consumer side, encouraging results like 200 $1 features and communities/tutorials/discussion becomes strangled