For me, it was simple - I won't abide subscription software if there's a reasonable alternative. I used to use Lightroom when it had a non-subscription option; when it went sub-only, I started looking for alternatives. (And after Adobe's earlier statements about wanting to maintain a perpetual license option 'for the foreseeable future', my trust in Adobe went to zero, and I won't consider them if there is any alternative.)
My secondary criteria is interface; I won't work with a software package that has a bad interface by my standards if there's a reasonable alternative, no matter how good the results it might produce. A favorite maxim of mine is that if a feature's interface makes it too much hassle to use, that feature might as well not exist.
For now, I'm using On1 Photo RAW. It's far from perfect, but on balance it's the best option I've found. Capture One can sometimes give better results - but I dislike C1's interface and its cataloging system is a really bad fit for my workflow, so I only use it on an image-by-image basis when I get bad results from On1. Luminar can give good results, but again its cataloging system is not up to snuff, and I prefer a lot more manual control to Luminar's AI-centric approach. (On1 has AI options, but I prefer manual adjustments most of the time and only use the AI features sparingly.)
On1's biggest problem is a lack of polish. I frequently see glitchy behavior - sudden jams or jumps when using the cropping tool, metadata displays going blank when switching between photos, that sort of thing. It's not enough to overcome my preference for their interface paradigm, but it's irritating.