Adobe doesn’t primarily sell products, Adobe primarily rents its products to consumers. Adobe is a literal actual real world example of a rent seeking company.
Ostensibly Adobe's customers are paying for continual improvement and support of its product and maintenance costs associated with whatever cloud features they offer. That's not rent-seeking.
They usually gain market share based on merit. Over time, structural factors such as network effects allow them to grow the rent-seeking part of their income while the merit based part declines.
Rent-seeking is a very entrenched idea though. Even the tiniest bit of merit in the distant past is enough to justify renting out inherited land for instance.
It doesn't really apply to any SaaS.