Enterprises love subscriptions for the same reasons why they prefer leases over capital expenditure. They look much better on the balance sheet and allow to spread the cost over time.
Oh sure, enterprise CFOs love them. They love money too, and software companies who aren't Microsoft, Oracle, etc should be wary. Your entire company could be rendered irrelevant by a minor modification to a subscription offering that is critical. Why should I absorb a $7 user/month subscription for 100,000 people ($8.4M) forever when I can spend $500k upfront and 20% of that ongoing to hire someone to build a functional solution using O365, GSuite or Oracle whatever?
Look at Microsoft's behavior with O365. Many companies will be fully locked into Microsoft across voice, security and identity verticals based on tweaks to the O365/M365 licensing models. You need Azure AD to meet your email compliance requirements, but that's bundled with Intune, which in turn has a co-bundle with Defender ATP, etc.
