And perhaps worst of all, trust is being lost. Users are tired of bait-and-switch, surprise deprecations, and data lock-ins. There's a feeling that too many SaaS businesses are more concerned with growth-at-all-costs than product quality, user experience, and long-term value.
Perhaps in your corner of the industry. On the consumer side people have been very vocally tired of purchasing products piecemeal on a subscription basis for a long time now. I, personally, am so sick of everything being a subscription I refuse to participate except in one or two services I use almost every single day. SaaS vendors to me are without a doubt vultures. A good exception that makes me happy is jetbrains. They are one of the few I am happy to pay for. Most of the other consumer grade SaaS is churn and burn crap.
I personally welcome the death of SaaS. I hope it brings forth a new era where I actually own things and can pay a company every couple years some nominal percentage of retail for a “service pack” upgrade.