Products turning into services, that's what wrong. You stop paying, the devices stop working. Or, they decide they're bored with providing the service, and pivot or get acquihired (or just decide to prod you into upgrading), the devices stop working.

Plus, it seems that the new breed of service companies isn't satisfied with just providing a service in exchange of money. They also use the opportunity to exfiltrate as much data about you as they can get.

That is fine. I am happily paying for Spotify as they provide me with tremendous value day over day. I spend much less on music than in the days of buying CDs and Have access to a huge catalogue, instantly.

You don't subscribe to cable tv or netflix?

I do, but a) problems of these businesses are well-known, and b) there's a difference between a subscription to entertainment and subscription to necessities (or at least things with higher impact on one's life).

Also, in case of cable/Netflix, a lot of downsides are mitigated by piracy. There's no worry you'll be cut off from the entertainment you want, because you can always Torrent it if push comes to shove.