It's a one-time purchase of 40 bucks. 200 for priority support. It's not peanuts for many people but far from overpriced IMHO.
Good old Total Commander, the all-time classic alternative file manager for Windows, costs 42 € + VAT with lifetime updates (https://www.ghisler.com/order.htm). But yeah, I have to admit that the application looks as dated as the website...
Unfortunately Total Commander is starting to become bloated too. The file copy/move window, the one with the progress bars, looks horrible in v11.
Also yes 200 gives you free upgrades but you have to assume there'll be many years of development and many upgrades to recoup the cost vs buying the regular license.