Steam is not like Netflix in any meaningful way to the end user.
Its not a subscription service, so that's a strange analogy.
I'm kind of surprised it doesn't have a subscription service yet. Seems like an obvious way to go, and Game Pass seems to have been fairly successful.
Is Microsoft actually making money with Game Pass? I'm guessing many users just subscribe for a month or two when a new interesting game is released and cancel just after they are done with it.