This is happening at a pretty large scale in China with NIO brand vehicles.

For it to work, as you said it is a subscription model for the battery.

It requires a very large fleet of vehicles that all use a standardized battery size. That means not offering lower priced vehicles with smaller battery packs, since you're just able to swap it anyway. And it means not having higher-end larger vehicles with larger packs, since now they aren't standardized.

That also means you are using more battery cells than needed for some customers, and you need more total battery packs in circulation as well.

So it can work, but there are definitely tradeoffs to vehicle design, and I doubt the US market could come together to create a standard used by a large enough percentage of the fleet to be worthwhile. We have some brand segmentation in DC fast chargers, but imagine if Chevy and Ford and Honda all had different battery swap stations. And within brands, can an F-150 use the same battery pack as a Ford Escape?