You are correct, the subscription model is one that many companies have embraced. Microsoft lusted for this for years. Its not a new business model, most if not all enterprise software is subscription based in one form or another. The benefits are a steady revenue stream, instead of peaks (at time of new releases) and lulls.
Are consumers happy about this? No I would assume most are not and the issue isn't 1Password charging 3 dollars a month, but that on top of the other subscriptions you're paying - it adds up rather quickly. Someone did an article on this once, called it death by a thousand cuts (or something like that). They postulated that one subscription isn't bad, but if all of the apps you want are, then it gets quite expensive.
I've been trying to limit my subs, I have adobe and MS office, but I'm looking at maybe giving MS office the heave ho, my kids use google office, and my wife doesn't need it so I'll save a 120 dollars a year