The reasoning for being unsure about subsidy solving the problem : there isn’t a clear “steady-state” solution to Bitcoin that isn’t vulnerable to possible consolidation.
In the long run, after all of the “supercycle” and “price discovery” periods and Bitcoin becomes a more boring asset, miners will be hedging using futures and derivatives and things like that - the expected profits are going to settle to a small and more predictable number. If you add a subsidy, the total revenue is a little higher, the profits might compress slightly slower - but if everything has settled down profits will compress and that’s when consolidation becomes attractive.