I would love for every tech to be this way but sometimes, there are recurring costs (for good reasons) for whoever provides the product. In those cases, I think subscription makes sense
There is something to be said for both sides. The counterpart to your argument is that, especially in niches or other markets where there is a dominant player, there isn't much incentive anymore to improve software when all your users are subscribers. The money comes in anyway. Besides that, you often see regular price increases in such markets because the user lost all power. If you end your subscription, there is no good alternative. In the pas you could just not update if the new pricing wasn't worth it.
The best balance may be in the JetBrains-like model, where you pay a yearly amount, but you keep access to historical versions when you decide to cancel. In this way money flows in for updating and improving the software. But if you fail to provide value, users can always cancel their 'subscription' and continue using the last version.