That's the public sales pitch, sure. In practice it's a way for the company to charge more for the same product and quality usually declines faster than non-SaaS software.
Churn is even more expensive for growth SaaS companies, due to equity multipliers.
I remember working for old-school software companies and the incentives were drastically misaligned in the past before SaaS. Existing customers were treated awfully - new customers or updates were where the money was.
Your opinion is a tad too cynical. Although perhaps warrented for twilight products like Evernote getting sold to Bending Spoons. Or the VMware/Broadcom debacle.