The problem with this strategy is that it's really tough to compete with open models in this space over the long run.
If you look at OpenAI's homepage right now they're trying to promote "ChatGPT on your desktop", so it's clear even they realize that most people are looking for a local product. But once again this is a problem for them because open models run locally are always going to offer more in terms of privacy and features.
In order for proprietary models served through an API to compete long term they need to offer significant performance improvements over open/local offerings, but that gap has been perpetually shrinking.
On an M3 macbook pro you can run open models easily for free that perform close enough to OpenAI that I can use them as my primary LLM for effectively free with complete privacy and lots of room for improvement if I want to dive into the details. Ollama today is pretty much easier to install than just logging into ChatGPT and the performance feels a bit more responsive for most tasks. If I'm doing a serious LLM project I most certainly won't use proprietary models because the control I have over the model is too limited.
At this point I have completely stopped using proprietary LLMs despite working with LLMs everyday. Honestly can't understand any serious software engineer who wouldn't use open models (again the control and tooling provided is just so much better), and for less technical users it's getting easier and easier to just run open models locally.