> Sure, that profit does not cover the model training costs, but that’s a separate issue.

I don't think it is. At some point they have to make money and they can't do that if the token cost doesn't include ALL the costs. Someone has to pay for that at some point. And someone has to pay for the subsidized subscribers. So no. API token prices don't reflect the real price. They are still subsidized. Just in a different way.