But two things are happening: First, competitors are realizing pro software can be a "loss leader" for a different offer (see: Blackmagic Resolve, Canva's Affinity suite).
Second, AI is making it possible to create open source alternatives that are very full-featured. Blender is a pre-AI example, but we're seeing an explosion of brand-new high-polish OSS apps this year.
I'm not moving away from Lightroom yet, because I have a massive catalog containing 20+ years of photos. But new users coming into the ecosystem have far more options now. It's a tough time to charge a subscription for something that's getting actively commoditized.