alt Hacker NewsThe natural incentives had already pointed to subscription based games, these companies attempted it, and consumers mostly rejected it. I'm extremely dubious that this regulation would be enough to reverse that. It's a much easier decision for a company to put a small development team on readying the server tools for public release than brute forcing a new business model on a resistant consumer base and all the associated risks that come along with it.
If by subscription you mean World of Warcraft style continuous subscription then yes, it doesn't work for most games. But I'd argue the modern battle pass model is just another flavor of subscription. And according to the article, free to play games with battle passes and micro transactions also get an exemption from the proposed bill, so companies will just move to that instead.