yes. and NO. dont cheapen your work. the product is worth paying for. you already earn cents/hour of effort - i know thats not why you do it - but if you dont value your work others might not either!
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Well, if the GM stumps up $11/month (for example) for an ultimate subscription and 1 ruleset there'd be additional revenue for the ruleset and it wouldn't be cheapening the work. Then, if after a couple of months the GM and their players love it and decide to buy licenses the GM would have to purchase the ruleset - so it's actually giving double revenue. If they stay on the subscription then it's providing recurring revenue to the ruleset developer...
I know the ultimate subscription is new, so there is still room for refinement/additional options, but I like the additional license option now available. But, as phantomwhale mentions, if people want to "try" one of the commercial rulesets then they have to fork out the full amount, even if they only ever pay for 1 month of the ultimate subscription.
I'll be honest, a one time cost is almost always better for the consumer than a subscription while for the publisher the subscription is almost always better. That said I honestly think the rulesets could be broken down further than they are currently. You could sell a "framework" for each system which has the mechanics, the recordsheet, etc and sell the rule books separate from that, and that would certainly make it easier for a brand new user to jump in and try it out. If I drop $9 for the sub and $4 for the framework and decide yeah this is for me I can then buy the ruleset upgrade pack or the full ruleset.
For me to try Fantasy Grounds out for a month it cost me $25 for a month. $9 for the sub and then an additional $14.99 for Savage Worlds. That is a lot to have to pay for a "trial". I might even go so far as to say offer a 10 day free trial version where any one ruleset can be activated for free for 10 days to let them have a "taste". Anything that eases that start-up hump is going to really help ease the person into realizing the software is completely worth the cost for their group or is horrible for their group.
Or perhaps offer (1) DLC system for free with the subscription (Changeable every 60 days maybe?).