Granted, Tease and Squeeze has a nicer ring. Then again, the enshittification neologism became standard langue in no time and is understood by everybody.
First, the issue of intent and overall history. Tease and Squeeze implies it was the plan all along, but an "enshittified" product doesn't have to be that way. For example, a company could have been successful without any "Tease"--no predatory pricing or monopolistic behavior--and then taken a nosedive later when the founder retired and sold it to a new owner, meaning it's Squeeze-only.
Second, "Squeeze" can technically be only a higher price while keeping quality high (although I admit a both getting worse together is far more likely) whereas "enshittified" products almost always mean a drop in quality, regardless of whether prices rise or not.
But at this point I'm not sure exactly what it's supposed to mean.
We need a quippy phrase for this, but unfortunately "Pump and Dump" is already taken for a kind of stock-market manipulation.
Instead, I would like to coin/nominate "Tease and Squeeze".
First consumers are teased by the idea that the disruptive new service has invented a magic new secret to low prices and great value... But after the company as achieved some kind of market strangehold, those consumers are squeezed with price-hikes and quality-drops as the investors--who bankrolled the early predatory pricing [0]--try to recoup their investment plus additional profit.
[0] Note that the term "Predatory Pricing" usually refers to artificially low prices to destroy competitors, although I can totally understand why some may assume it means preying on customers with high prices.