They way I got introduced to hardware as a service is that it was a solution to planned obsolescence.
In theory, a hardware subscription means that if you pay for X months of that hardware, you gonna get it. Doesn’t matter if it breaks, it should be replaced while your subscription lasts.
So taking that into account, the less the hardware breaks, the more profit they have. So not only should it eliminate planned obsolescence, it would make engineering for durable products an actually very profitable business.