As others have said, i much prefer to keep my password vault and hosting of it separate.
Being forced into a 1P subscription feels like a downgrade to me. I've been a faithful customer for years, and have used iCloud synchronization for years as well. My entire household uses the app (through family sharing).
Self hosting it is not an option for me (i know how to, and that's why it's off the table), and purchasing a $5/month subscription feels like it's overpriced for what it delivers. I can get 10 months worth of Family365 subscription for what 1P is asking for a year, and that gives me 6 accounts with 1TB storage each and the entire Office suite.
The thing that seems to annoy people the most doesn't bother me one bit though. If it works i don't care if it's electron or not.
I'm instead evaulating Secrets[1] as a replacement. It requires a $20 in-app purchase to unlock full functionality, but even with 4 people buying it, it's still only 1,5 years of 1P service. For now i will try to get the kids to use iCloud Keychain instead.
As for "what's the rush". 1P7 will receive updates for now, until it doesn't, and at some point an update to MacOS or iOS will make it stop working, at which point i will have lost access to my passwords. I much prefer to be in control of when that happens :)
[1] https://outercorner.com/secrets-ios/