Yeah, its confusing the way its worded, but it's still kind of shitty. I am sure there were some who would have bought another phone, but we're lured into the Pixel deal. I know some people really look forward to replacing their phone every couple years, for whatever reason (they all seem pretty much the same to me).
Yeah, it's basically a deal at the time of phone purchase: do this 24-month interest free payment plan for a new device, and we'll throw in phone insurance, Youtube premium, and Google One for a significantly discounted price. At the end of 24 months, you can either get a new phone and sign up for another 24 months, or cancel at that time.