I can see your point - we do get an awful lot included as part of a season - or a one-off subscription fee, if you think of it that way.
But... it's not something I'd be happy about. Each new update brings features that are intended to enhance gameplay or the capabilities of your ship or its modules. If you choose not to pay for a certain update, let's say Engineers for example, then you'd be at a severe disadvantage (not just in combat), and yes, that would be down to individual choice, so it's not an actual penalty. However, it does put a player at a disadvantage, and eventually, so much of one that either the disadvantaged player quits or spends the money on the software upgrade anyway - so Elite becomes pay-to-play.
You could argue that it is already pay-to-play, because we pay for seasons, but each season includes a significant number of enhancements - and all players get all enhancements if they pay for the season. Horizons brought us planetary landings, engineers, commanders, and hopefully, aliens. I can't remember if Powerplay and CQC were season two or not. There'll always be forgettable elements
I prefer the per-season model. It seems to work, and increased profits for Frontier would seem to agree. It would be interesting to see links between new updates and increases in store sales - both for ship paints, kits and so on - whether each release boosts microsales of these items.
Frontier also have yet to monetize whatever rights they bought earlier this year to an as-yet-unannounced franchise.
I think the future for Frontier is rosy at this point - and as customers of one of their products, I (would like to) think we can look forward to many years of seasons, enhancements, upgrades etc. It will be interesting to see if season 3 requires season 2 in order to play it, though, or whether you can still play with reduced content as per season 1.