If by subscription you mean World of Warcraft style continuous subscription then yes, it doesn't work for most games. But I'd argue the modern battle pass model is just another flavor of subscription. And according to the article, free to play games with battle passes and micro transactions also get an exemption from the proposed bill, so companies will just move to that instead.

Are we still talking about negative impacts of this regulation? Because I don't follow the argument that games going free-to-play is bad for the consumer. Consumer pressure has pushed most games with battle passes and microtransactions to limit those to optional expansions of the base game, often merely cosmetic. People can and do spend hundreds of hours playing Fortnite without paying a cent and I don't see how that type of outcome is bad for the consumer.

And if the consumer doesn't invest any money into the experience, I have a hard time justifying a requirement for the publisher to provide options to keep the game running in perpetuity, so I'm fine with that exception.

Battle passes/mtx would IMO definitely fall under monetary considerations, which would make the excemption not apply. But as is written now, there still needs to be a precedent set for that, to really cement that interpretation