I agree. If it is their attempt at "Prime", they're going to have a much harder time of it than Amazon, since they already have so many different subscriptions and price points. It'll be interesting to see how they try to manage it.
Not only that, but they'll have to decide where the borders of the subscription are—is YouTube a separate entity, and thus should keep it's own subscription model? or is it too valuable and thus should be part of Google One? Either direction will have complexity issues, either in continuing to have too many different subscriptions, or in trying to capture value with too many orthogonal benefits in a single pricing system.