But existing uses of Pantone colors will be appearing as black, not their RGB approximations, unless you pay $21/mo. from November on in Adobe products.

What a ludicrous business decision

Having been on the receiving end of things like this, it’s likely outside Adobes hands. I had a product where they changed licensing to a revenue sharing model, asking for 10% vs a flat fee. Problem was, only like 3-4 customers out of hundreds were using the licensed feature. Long story short, it made it unsustainable and we quickly dropped the technology.

Sure, you can still use the colors, but they're removing the picker for them.

They are also making it so anything that previously had the colour selected using the picker is set to black unless you pay them a licensing fee.

There is obviously value in Pantone and what they do but the digital representation of Pantone's colours should be treated the same way APIs are.