Because it’s aimed at photographers who raised a huge stink in the first place (I was one of them).

You don’t have to use it in the cloud too, all my camera photos are sitting in my drives, none of them have been uploaded to Adobe’s servers.

PS and LR at this price is cheaper than the perpetual licenses if I upgraded every other cycle, so it’s been cheaper for me. Of course there’s still cheaper alternatives for PS now (Affinity Photo is really good), but since I still use LR a lot and the cost is bearable, I stay on it.