It can’t be included in the official F-Droid repos, as it is not Open Source.
It’s hardly better than any other proprietary software as the FUTO Temporary License does not allow users to make modifications and share them with non-programmers. They could include ads or spyware and no one would be allowed to strip that out and share the result with others.
They also clearly forbid redistribution “directed towards […] monetary compensation”. But F-Droid has to be compensated for their server costs as well, and they ask for donations as they should be. That’s why limiting commercial redistribution alone is a huge issue that would keep it from ever being called “Open Source” or “Free Software”.
I’ve never used InqScribe nor any other subtitle tool, but alternativeto.net has a list of alternatives like Kainote or SubtitleEdit: https://alternativeto.net/software/kainote/?license=opensource There’s even a short Wikipedia article: https://en.m.wikipedia.org/wiki/Comparison_of_subtitle_editors