Crosmando: I'd honestly prefer a subscription based system where you pay for a few years of Windows.
With corporate desktop, and server, Windows, I presume that is the case already now. Well, not fully sure about the desktop Windows nowadays to be frank, I don't think my employer is paying every year something for me using Windows 10 Pro on my work laptop... but I presume they are paying something to Dell for pro-level support for the laptop, which might include elevated Windows support as well... not sure.
Anyway, for Windows home users, I still believe Microsoft is heading to the opposite direction, ie. they will offer it (more and more) as a free OS without any license fee, for home users specifically. And they expect to make their money from those home users using Windows Store, Azure and other Microsoft online services.
The fact that MS has so openly let both Windows 7 and 8 users to keep updating to Windows 10 for free (and apparently will do the same with Windows 11), and they nowadays have very lax restrictions in case a home user chooses to install and use Windows 10 without activating it with a valid license (mainly just having that watermark telling that Windows is not activated, and not letting the user to change the wallpaper (because it would get rid of that watermark, obviously), and apparently no other nuisances to the user? So for most home users, it apparently doesn't even matter if they validate their Windows 10, or not? Even if it wasn't still really an allowed practice...
I presume the competition from other desktop OSes, which to end-users at least appear to be free, also pushes MS to this. Linux is free or course, but I don't think ChromeOS costs anything extra to the device maker and buyer either? And a MacOS user sees their OS as "free" because it was included in the price of their Mac.