As someone with no children myself, this strikes me as a very good system.
I’m just wondering though if the cultural respect for the elderly makes it unique to Asian cultures. Western society has a more individualist attitude in general. Also, inevitably greed and avarice could turn this into a potentially exploitive industry. It already saddens me to read how elderly in UK care homes suffer at the hands of the privatised industry.
There have been private care homes for as long as I remember but I do wonder if things have got worse since private equity became involved.
I don’t think so.
Golden Age detective novels often feature elderly ladies who have paid companions.
There’s a scheme in France where older people give or let at low cost accommodation to younger people - students, I think.
And, as we know from SF, there are apps 
No idea about UK now, but a massive amount available in France. It is possibly a reflection of having a third tier government so the services are closer to people.
The CCAS can be contacted via any marie, even in big places, and can point to local activities, or things like les petits frères des pauvres who do stuff.
Or national programmes like this:
Everything else that private equity has touched has, so I expect care homes to have experienced The Great Enshittification.
Should we be happy about this or sad 
?