Lots of people do this, it's often more expensive to make different versions of things then is it just to software cap something. So they make the same version for multiple price points and have variations of software cap in place.

CPUs for example are clocked at a set speed when they reach the consumer, they can always go higher without any negative impact (infact most are underclocked). It's basically a software switch that turns your 3.2 Ghz CPU into a 3.4 Ghz CPU.

You buy a SAAS product they have multiple levels, it's just a software switch that says you can X package or Y package. This is slightly different because the features may be more resource intensive or something else, but basically it's the same.