I mean if people are happy spending 45$ For their phone they are leasing then yes. After the two years of payments you will of paid twice as much as a subsidy. I personally rather pay 400$ down and no payment then 45$ a month for a year year after year trading in your phone.
If you do the math, I'm still saving money by paying my phone off rather than doing a down payment plus a "subsidy".
In my example I'm paying $35 per line all in. The includes minutes, texts, and data. Before I would've been paying about $60 per line, potentially more depending on how the minutes and texts were factored in. That's a $25 a month difference. Factor in you're $400 down over two years that's another $17 a month. We are now at $42.
With the subsidy I'm required to upgrade to "get my moneys worth" because I'm paying the price of my phone built into my service. Without it I can pick and choose when, if ever, to upgrade devices, decide I might want last year's model, or maybe even a used device to save even more money.
I've sat down and done the numbers and I'm honestly way better off at the end of two years and am even better off still if I ever decide not to upgrade at all on any given mine any given year. One of our lines has never run an upgrade because it's the hand me down line. This wouldn't have made sense with the old subsidy system because it wouldn't be cheaper to do hand me downs. We would be "missing out" on a subsidy and paying the higher monthly rate regardless.
Also consider the fact that subsidy plans
Effectively took $450 off of msrp. It would sting even more on an x or x plus having to drop $550-$650. That's basically buying a phone outright back when subsidies were popular. With both ATT and Verizon raising the prices of their older unlimited plans, the disparity between my old plan and my new plan only grew with age.
A phone is only a lease if you plan on turning it in. Otherwise it's a 0% loan for the full price of the device. My point is that the subsidized cost of devices was built into the plan pricing anyway. I wasn't ever paying just $200 for a phone. I was paying the $200 plus the remaining $450 worked into my monthly plan rates. You have so many more options today than we had even five years ago. Plenty of competitively priced mvnos out there too, some even running on ATT and Verizon network, if coverage is an issue. Hell, if I wanted to, I can hop over to cricket and get my four lines for $100 and save even more money, but I'd lose out on Netflix as well as some international roaming and hotspot perks. You'll never find me pining for a subsidy because it was pushing me to buy phones at least every two years per line.