The way WoTC is trending is less player ownership, and more streaming of content. They have been cracking down on services that host their content, allowing them only if WoTC gets control to remove content at a whim. Yes you can buy books (now), but they are moving away from the model of offering physical content.

They are trying to do to TTRPG what Netflix did to home movies and Amazon did to reading, and will probably end in the same place. It wouldn't completely change the genre it will just split the genre.

While this is perfectly fine the issue comes when other companies see a big company move towards this model, and think it is a good me for themselves. (Hulu, Paramount, Disney, etc / Rakuten, Otto, Temu, etc) and limit availability of the ownership model, or sometime actively try to eliminate the less profitable genre.

I personally don't think any TTRPGs will fare well under a subscription model, but I don't think that will stop WoTC from trying. (Because the company stands to make a lot of money from shareholders) and doing shady things like lawsuits and horrible profit ideas (like taking a loss till the majority of their competitors fold)

As of right now there is nothing affecting the player base, but we have seen other social entertainments fracture and stagnate with this model, and fear what happens when you visit a hobby/game shop in 10 years, and they stopped carrying dice and books because the profit margins are too tight, you can buy some 3rd parties like mage and 10 candles, but the attendant lets you know you can log on to a DND VTT to play. It's only $3/month.

We will have to see how players and companies respond to the changes, and watch as the hobby changes, a lot of us older players fear the death of another social entertainment.