"Free feature updates"? When was that ever the case with all things Adobe, before and after CC introduction?
They were legally forbidden as a publicly traded company in the US!
Currently, Adobe seems on a one year update cycle, during Creative Suite days it was approximately a 1,5 year update cycle. Or are you implying Adobe broke the law in pre-CC days for 15-20 years?
Nope, those feature updates were always paid updates, as mandated by law - which by the way came into effect just around the switch to subscription. Back then it was doubtful if even smaller feature updates like camera support were to be allowed under the new law.
I already mentioned that there is a reasonable use case for a subscription model, namely for companies who need the software for short periods of time only, or who need fast scalability of the number of licenses used. But this is perfectly compatible with maintaining and offering perpetual licenses.
Except that perpetual licenses have major drawbacks for users and especially software developers. The company I work for has a mix model, where practically every piece of software comes with (effectively) mandatory software maintenance agreement because there are outside influences that will require us to put in work to keep the software up to date with regards to changing tax and corporate laws.
As far as invoking a subscription model as the norm in business environments,
It is the norm as the corporate business environment has little to do with what you think about in terms of PS for individuals. The subscription is good because it allows for
a) speedy development (they have the money to hire the required developers).
b) good software maintenance (again money for the required developers).
c) cloud (do you really think that providing cloud storage doesn't cost anything)
d) implementation of features that incur additional cost on the base of usage (I only say map module where Google changed terms of service a few years back and as a consequence companies like Adobe need to pay a monthly fee on the use of this feature in LR)
If I can I would always go for a subscription over a "perpetual license" as I know that with current development trends in OS maintenance you can only bet on the longevity of an unmaintained perpetual license to be in the order of months, maybe a year... I know, because I constantly need to adapt to new things broken because of "security fixes" by Microsoft. If we didn't have those maintenance agreements in place we would probably have to work for free a lot - and that isn't healthy for a company.