I used to hold the same opinion as you, and for the most part I still do. But I think the subscription model is a solution to the race to the bottom, because it creates an artificial level of quality assurance.

Take PlayPass, for instance: the play store is a landfill of endless trash, but PlayPass adds both a level of curation and it unlocks all the microtransactions.

So for a low yearly fee you get access to the best Play Store games, never pay for microtransactions, and don't need to go digging to find gems in the garbage heap.