I think there's money to be made with both, but there's more money to be made by not maintaining two separate models, so ads win.

It's not that rare for games to offer a "remove ads" option for a few bucks. That model doesn't require a lot of extra "maintenance".

I think a few bucks for ad-free brings in more money for most developers, but that still pales in comparison to a recurring subscription model (or models where people keep spending in-app on consumables).