It's 40 bucks. You can spend 40 bucks on in a long day out taking pictures on lunch and dinner. :-D
It's not 40, it's 109 or 149 that someone in the US would pay. But C1 is free to set its pricing as it likes, although it goes all over the place.
An actual objection that I have: The email from C1 is made in a foreign currency (US$) instead of my own and then they mention the pricing may vary according to location, and that we should look on the site, which is also not exactly cleae. NB - C1 knows my location, and knows in which currency it invoiced me before. I'm sorry, but that is really lazy from C1
The site itself is still sloppy re. pricing and what you exactly get (but tbh it has always been a mess, in fact, it used to be much worse, with some prices mentiond incl VAT and other prices excl. VAT, etc)
(I won't even go into the "logic" of a EU-based company making an offer to EU-customers in some third-country-currency

)
OK that was my ranting LOL
You won't have to belly up again for a couple years. I have version 21 since I tend to keep up to date on S/W releases for a lot of reasons, bug fixes, security patches, etc., along with new features. Capture One 21 will also support the new Apple architecture natively which is a performance improvement with an update this year.
I have no objection against paying for software, I use a lot of paid packages, but I only pay when I think the value&funtionality offered is worth the price.
For C1, I decide for every new release if the upgrades are worth it to me. For 12 and 20, the answer, for me, was yes, the upgrades were worth it to me. This time, I skip; C1 20 provides more than enough for me, and potential missing items are also not provided in v21, and I don't see any added value in the new features. However, this decision was made moe than a month ago, and is 100% unrelated to
Of course, it's totally fine with me that v21 is released, and others may be completely happy with it, or may consider the upgrades wortwhile.
C1, Lightroom, etc. are all mature products and as such just like cameras, most improvements are going to be incremental. I am also of the mind why spend 500 to a thousand bucks or more on a new lens, 1500 to 2 K on a camera and cripple the whole process by "cheaping out" on the processing S/W.
C1 20 is not crippling the process at all. Also, I don't consider the price of the full license of C1 20 "cheaping out" at all.
Or by taking your analogy: Would you buy a new lens, just because your favourite lens manufacturer released one? Would you feel like cheaping out or crippling the process by not buying it? Or would you look at what the lens can offer you? Myself, when I buy a camera (usually used) I intend to use it for about 5 years, and lenses often longer (or resell them)