From the business side I agree, but the thing that drives me crazy as a user is not being able to use a tool at all if I'm not subscribed.
Maybe some kind of hybrid approach where, if you want to create new stuff and use the latest and greatest, then you subscribe but, for a small, one-time fee, you can also use an older version that only has limited abilities?
I keep Photoshop CS6 installed on my computer just for this reason. It was the last version that you could pay for and own. Am I missing out on lots of new features, compatibility and bug-fixes that I would get if I subscribed? Probably, but for occasional use there's no way I could justify paying for this monthly!