Right, subscriptions are not only cheaper because they "create lock-in". They also let you do things like forecast demand and plan your capacity for it, borrow against it sometimes if you need to, and keep somewhat less around because your cashflows are predictable. It is also valuable because it keeps customers around but that's by no means the only reason recurring revenue gets a higher multiple.

This is why "subsidized tokens" is possibly a misnomer. Money at lower variance is worth more than the same money at higher variance. Not "subsidy" so much as reducing risk and passing some of that to a consumer.