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.
This makes no sense. A lifetime license is convenient conceptually, but it completely detaches your goals (working software) from a company's incentives (provide absolutely zero after initial delivery - everything afterwards is cost without upside). Lifetime licenses are bad for users (cf this post, as just one example).
Subscriptions are incentives for companies to keep doing what you want, along with direct consequences (everybody will cancel) to penalise them for ignoring their core user base.
Don't let the awkwardness of the system (fully agree modern banking is shit at letting you manage recurring bills) distract from the underlying user-beneficial dynamics.
Edit: let me give you an example. How much do you pay Valve for a Steam subscription? Zero, because they don't offer one, because that isn't what their customers want. This is Valve, who offers perpetual licenses exclusively, offers steep discounts often, and is worth 10s of billions of dollars. The excuses for why it doesn't work are bullshit peddled by middlemen mouthpieces for suits who believe in nothing. They are redundant leeches. Ignore them and make it work.
I agree with you completely. For me, this is a matter of trust and principle, not the cost of the software. I see this as a questionable practice aimed at pushing long-time supporters to spend more money. After this experience, I would never consider purchasing anything from them again.