Angko Elite limitless subscription was meant to be for the masses. Privilege is meant for the rich. It's catered to two different segments of readers.
However, Elite harmed the authors, so they took it away. As a platform, Elite actually is more profitable for Webnovel, since they are the ones who gets first dibs in the money in a collective manner, before sharing whatever the Elite subscriptions earn to the authors.
Think an all-you-can eat buffet. The restaurant charges a flat fee overall. It profits on the average, but individually, some customers can eat a lot, some can't eat a lot. And the authors are in some sense, the dishes.