"We've gone as far as we can with local vaults" - What does that mean?

With the move to subscription only with 1P8, a common refrain I have read from developers in regards to local vs. cloud vaults is that "we've gone as far as we can with local vaults." Despite this refrain, I haven't really gotten a technical answer as to what that means? What specifically was a limiting factor to the existing local vaults? I've been using a local vault for upwards of 10 years now, and it works great.

Having not yet decided if I will be converting to a membership, I would really like to understand what exactly it is about cloud vaults that are so much better than local vaults. The few additional features that you can get with a membership - such as secure password sharing b/w 1P users (and with non-1P users utilizing PssT) and the oft-touted secret key seem to be the only real difference/benefits that you get with a cloud vault. And in regards to the secret key, that only seems necessary for cloud vaults, as it wouldn't be particularly useful for a local vault that you are in control of.

I would love some more insight into this, as despite my frustration around 1P's future, I am not yet ready to abandon ship.

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