Selling a version of software that you "own" creates a perverse incentive: charge as much as you can and as often as you can for "upgrades". Back when Photoshop was sold this way, support for the raw formats of new cameras that came out was gated for absolutely no reason behind buying a newer version of Photoshop. Even bugfixes would eventually only be applied to the latest version or two.
And what constitutes a major version requiring a paid upgrade anyway? Well that's completely arbitrary but the company is incentivized to make that happen as often as possible.
Subscriptions technically mean the company can just keep updating the software. There's only one version to support, really. There's no incentive to gate features behind another paid update.
The gold standard for subscriptions is Jetbrains. Cancel anytime. When you do cancel, whatever version you had you got to keep, basically. You got warnings in your email that you would be charged in a few weeks if you didn't cancel. The prices were reasonable. Jetbrains quite literally did everything right.
Then there's Adobe. The subscription prices are pretty outrageous. No warning. Hard to cancel. Easy to get a recurring charge. Adobe, like many companies, seems to have decided that whatever the sticker price was for the standalone software, charge that every year in a subscription.
But before you start waxing lyrical about the halcyon days of software you "own", you've either forgotten or never experienced the shady things software compnaies did to maximize revenue then as well.