But then that's an argument against lifetime licenses and not about ejectable servers.

You could run an ejectable server with other funding models. For instance, you pay yearly subscription and get updates within that year, but you get to keep your version forever if you want.

Or your server phones home for a license, but perhaps with an escrow license key if the company goes bankrupt and you have to pay subscription.

Either way, the business model is somewhat independent of the ejection mechanism.