> It looks quite a bit like a subscription model to the average person
Not really? My problem with subscription software is that you lose access to it if you stop paying. I used Photoshop 7 for a looooong time because we didn't need any of the new features. You can't do that with Photoshop CC. Because it's a subscription.
If anything, maybe you could call it an "update subscription," but if the software works without an active subscription, then it's not a subscription. That would be like Comcast saying "If you cancel your cable subscription, you can still turn on your TV and watch reruns of whatever aired when you were a customer."
> $99/year is a pretty big jump in price
For that much money, you could use Adobe Illustrator every January, May, and September!