I'm increasingly convinced that for many applications, per-user pricing will still predominate in five years. In some cases, we might snap back from value-based/consumption-based pricing to per-user pricing.
1) Many use cases simply won't require that much intelligence, so existing SaaS pricing will largely hold.
2) Per-user pricing solves the inference moral hazard issue. A vendor charging you a flat price per user can be trusted to route queries to different models on your behalf, but a vendor that is in the "token path" is incentivized to drive higher spend. It's a law of physics.
3) In many cases, the right proxy for "how much are we willing to spend on AI in this area" will map to "how much are we willing to spend on people in this area." So far, the evidence is pretty strong that AI and people are complements, not substitutes (obviously there are exceptions). So long as they are complements, AI spend as a proportion of human spend is relevant to pricing/value- and # of humans is the best/simplest proxy we have for human spend.
No doubt there will continue to be lots of pricing model experimentation, but the blind "all SaaS will become consumption based/value based" takes are probably wrong.