Back when coding for me still meant copy-paste from the web version, it was only worth the $20/month for me.
They only added the $100 Pro plan in April during GPT 5.4 times.
Today I happily pay $400/month for Codex and Claude Code.
This is kind of what I'm saying though. Bottom has fallen out, differentiation is just can you be much more premium than the competition. Currently that remains unanswered.
EDIT: I'm basing this off the assumption that for chat, premium is not a point of differentiation at all. For coding/analysis, it is.