They have already stated there won't be required subs. When the game comes out, it will be relesased to the masses, and the money they make on selling the game alone goes straight back to the game since they already paid for it to be made and don't have publishers trying to cash grab it all.
Also, Elder Scrolls is simply adopting an older sub model, since people seem really turned off by the pay to win models out there. Most older MMOs did the same thing when they initially came out. Not saying this is the best way to go, but I am sure they have had plenty of professionals calculate which model would rake in the most money for them. While you may not pay it, they know most people will.