You're right that $200/mo is much cheaper than comparable infrastructure. OTOH, you don't get to have a computer that can also be used for other applications, or which works when the internet is down. Also, you remain tethered to whatever pricing the AI companies want to charge. If AI pricing goes like Uber/Lyft did when the VC cash ran out, then we'll be paying much more in a few years' time. We could look back and think "I wish I'd bought my own setup back in 2026" if it's going to be inevitable.
And all this before you get into privacy/security/compliance stuff.
Well it's not just text to text. It's text to code, text to images, research. For me 200 is too much but my 20€ sub yeah I do find that worth it.
If I actually made money with it (I don't and I don't want to) the 200 one probably would start making sense. If I were using it all day I'm sure it would save me more than that 200 by simply being able to do more work.
$200/month is vastly cheaper than owning and operating comparable hardware.