Yeah, digital distribution itself isn't any different from physical media; In Steam's case, you oftentimes get product keys when you download games, and that safeguards you against Steam somehow imploding on itself tomorrow.
Subscription models I also don't mind so much, though I do wish Adobe would continue with their stand-alone products. I see subscription models as a nice alternative for people who don't want to or can't pay for the full suite up front or might not need it for more than a short amount of time, but removing the ability to get the full suite altogether is a little worrisome. Still, considering the astronomical cost of Adobe's suite and the amount of piracy they experience, it's no big surprise.