Yeah I take this to mean that Adobe is leaving space open under their price point for a competitor to undercut them with a viable alternative. It probably won't be long before Petapixel is inundated with "why I left Adobe" clickbait.
It works for making money. It's not clear that "Adobe makes record revenue from captive audience" translates into anything but "Adobe realizes they have captive paying endless fees and can just sit tight, because people have made it clear they're not going anywhere".
With standalone software packages, companies have to improve it enough to convince you to upgrade if they want more revenue. With subscription, they just keep getting paid no matter what until people are pissed enough to switch. The latter is a lower bar to meet.
Next time I have just a few to process, I'll be trying the Luminar beta, because I'm getting ready to jump ship even though I have the standalone.