Everything is sold as a service now. Fewer buyers stop to ask what they actually own at the end of it.
The model is genuinely good for a lot of things. You trade a large upfront cost for a predictable monthly one, you stop maintaining what you didn't want to maintain, and you let someone whose whole job is that one thing do that one thing. For plenty of workloads, that's the right trade.
The part that gets skipped is the exit. When you buy something, you have it. When you rent it, you have it while you keep paying, and the terms of leaving were written by the people you're leaving. Where does your data live, in what format, and how do you get it out. What stops working the day you stop paying. How long would it actually take to move, and who would do the work. These questions are easy to wave away while the relationship is new and everyone is friendly.
They're also the only questions that tell you how much leverage you've quietly handed over. A service you can leave in a weekend is a supplier. A service that would take a year and a rebuild to leave is a landlord.
By all means rent. Just read the bit about moving out before you sign, not on the day you need to.