This isn't enshittification. This is a sustainable business bought by a greedy business to then squeeze dry their customers.
I think we could call this e13n in the sense that a current product offering, with some degree of stickiness, is being made worse for the benefit of the seller.
I wonder at what point does SaaS become a national security risk in the event of a solar event, (biggest-ever) cyber attack, terrorist attack, or some other calamity that takes down the internet for an extended period? Having virtualization software like vmware as-a-service would cause 2nd-order effects if it couldn't phone-home to renew activation.