You pay for the full package detailed in all docs and advertisements.
Photoshop and Premiere Elements are not included, they are the "consumer" versions only available as perpetual versions.
Just ask normal Elements users: do they want the subscription model? Adobe knows that it would kill the software and drastically change the maintenance and development (= costs) to provide continuous update and support like in the subscription model.
What would be found acceptable by Elements users is not that full subcribers gets the softwares for free, it would be that they get a special price. That would help expert Photoshop users to know more about Elements and help novice users of PSE and PE.