Why shouldn't it?
Why does my calculator app need a subscription? Why does it need constant updates?
There's no reason the ownership model shouldn't exist for apps. There's also no reason why all apps should need constant development.
On Android the solution is side loading if you have the APK. But on iPhone, unless you have the source code or IPA, you're stuck
OK, if you're running something with a cloud component, I might not get all the functionality. But if you decide that you don't want be in the app business any more, I still want to use what I paid for.
I learned Photoshop well enough back in the day to do cool stuff and make a few bucks on the side doing graphic design. I'm not a professional graphic designer at all so it never made sense for me to get on the version treadmill. Even today it does everything I need and more.
Adobe got paid for the work they did. I've gotten incredible value out of my purchase since I've used it so long and the cost has amortized over decades.
Subscriptions imply change. I don't necessarily want change. If I buy something that suits my needs...it already suits my needs. Adding more shit isn't necessarily a boon. Changing the behavior or look with a new update is infuriating. This is especially true of complex software that takes time to learn.
For a developer selling a subscription the strategy of locking up data is entirely rational. They'll keep getting money no matter what they do because they're holding my data hostage. It's a model I have no interest in.
Even better is when they decide to shut down or get bought out. If the subscription shuts down there's no amount of money I can pay to get it back.