@vaishali I have reached out to my team and shared the feedback. Currently, event grid doesn't have the validation of whether the same subscription name resource is already created.
Product team have acknowledged the feedback as other azure resources do have this validation. This validation will be soon implemented in event grid subscription creation from the Azure portal. As of now, I don't have the ETA for this but I will update this thread once the changes are pushed to the Azure portal.
I appreciate that you have created this post that has helped in enhancing the User Experience of the Azure portal.