However I don't understand why anyone feels their images will be held hostage. Everything I shoot is in Canon, Nikon or Phase One format, not Adobe.
That's because they approach their work-files as a work-in-progress. The Raw conversion is one of several steps towards the final product, which will include Smart Objects and adjustment layers that may work in a proprietary manner. Once flattened, or when the functionality has ceased to be available, one needs to start all over from scratch if something can or needs to be improved/altered, thus losing valuable time.