All these points are correct, but you leave out the counterpoint which is that once a company has recurring revenue, the incentive to update the software in way

All these points are correct, but you leave out the counterpoint which is that once a company has recurring revenue, the incentive to update the software in ways that benefit the existing users can be lower. Increasing the size of the user base becomes a priority over refining service for existing users, and that often means developing features that existing users don’t need or changing the UI in ways that make things easier for new users but worse for power users.