And instead trust that subscription prices will stay constant and that the company will always stay in business and support the product you purchase?

The root issue is trust, not a lifetime license. In fact, a lifetime license is a good predictor of trust because users prefer it to subscriptions and it indicates that the company at least pretends to be interested in the customer's wants.

Trust can always be abused, as in this case. Trust is gone everywhere. That doesn't mean it can't be rebuilt. It won't be rebuilt on a subscription model that no one asked for.