It's not about agreeing or disagreeing. Disney's own actions here are proof that they need the Magic Key program in order to be profitable. When they don't offer it, the locals DO NOT buy multiple one day tickets every time they want to visit each year. Disneyland has metrics on guest spending in all categories. The vast majority of vacationers to Disneyland DO NOT stay on property. Disney doesn't get to capture their hotel revenue, and much of their dining revenue (they eat offsite for many meals). This is not a vacation destination like WDW is.
When they reopened after covid, before they announced the keys, my family bought two set of 2 day hoppers. It was so expensive for those few days that we were like, "we're done with that." We love visiting often, but without the perk of an annual pass, the psychology of dropping $700/day (tickets, parking, food) was enough to deter us from going frequently. We had gotten used to not going to Disneyland after it remained closed for 14 months. We are not the only ones who felt this way. Disney noticed the people were just not coming. That summer was dead. They were not even hitting their self imposed capacity numbers.
As soon as the keys were announced, we bought the highest tier ones. The monthly payment option means we pay $533/month for our passes. It's a "set it and forget it" scenario. I don't think about that $533. It's a bill on autopay. I also don't think about the $200+ we spend once or twice a week while there. We don't just go for one meal. We are there for 2 meals plus snacks plus alcoholic drinks, plus random merchandise like pins and clothing. They get a LOT of money from us and it's like death by a thousand cuts. This is our entertainment budget. Once or twice a year, we book the Grand Californian for a staycation. Just booked 3 nights in December at over $900/night after taxes. And I know for a fact that we aren't even considered high spenders by Disney. There are passholder families who hire a VIP guide every time they come. We are small beans compared to those types.
If I sat down and added up all the Disneyland related charges throughout the year, I might pass out. It doesn't make sense that spending $700 per day 4 or 5 times was so hard for me to swallow and spending tens of thousands every year as key holders doesn't phase me. I can't explain it, but it's a real thing.