> Are we looking at a future where home computers are replaced by thin clients and all the power lies in subscription services?

Always have been. Ever since the SaaS revolution of the early 2000s high-growth software businesses have been motivated to chase subscription revenue over one-time sales because you get a better multiple.

From an economic perspective The Market would like the average person to spend all their money on rents, and the only option is how you allocate your spending to different rentals. Transportation, housing, food, entertainment (which is most of computing) are just different fiefs to be carved up by industry monopolists.