Do you have actual data on the marginal costs of inferencing, or are you using the term 'subsedizing' loosely as in 'discount', meaning a lower price compared to another price for the same offer?
Yes, they are most certainly subsidizing the subscription plans. I mean, at least for people who utilize them to the quota.
I mean, this argument would have merit if they built something that they're going to monetize for decades, but cutting edge models now grow obsolete in a 6 month time window.
There is zero financial analysis where they aren't massively subsidizing the subscriptions, and people have to invent ignorant "oh just ignore most of the cost of providing the product" to try to pretend there is.