"IBM had this business model running really smoothly in the 1970s."
And there's a reason that business model was wiped out by the *Personal* Computer. That business model implied almost everything was rented, and yearly license fees for whatever you needed were not cheap.
One of the reasons the PC took the place of the Unix workstation was the large availability of third party software users could buy instead of rent. That meant instead of using a computer for only a single or very few tasks tied to the expensive rented software, it was possible to use it for many different tasks thanks to the availability of many third party cheaper applications.
Of course the far less competitive market of renting systems was far more remunerative than the far more competitive market of "open" platforms.
Moreover less personal computer around (and more phones or very limited devices) will mean less people will become programmers and become more competition...