When Steam first came out, people made a big bruhaha about how digital licensing (no right of first sale, etc.) isn't the same as owning the game. True, but so what? Steam completely changed the PC games industry on that model and created an indie explosion. People like to complain about the lack of ownership rights, but the convenience is what really matters, especially coupled with a generous refund policy that we never had in the physical media days. A subscription service is a logical continuation of this model.
Now, a couple decades later, games have become super commoditized, and frankly it's hard to tell apart one title from another, much less remember them years later. For every Baldur's Gate 3, there's a hundred no-name RPGs that are entirely adequate but ultimately forgettable. They're not very different from an average show on Netflix or a song on Spotify. Subscription services are a lot cheaper for most people than renting or buying individual titles, and is the only sane way to explore a marketplace that has more content than you could reasonably consume in a lifetime.
If Steam offered a subscription service I'd give up my whole library (hundreds of games, mostly bought on sale) overnight. It's not just Ubi, EA, Microsoft, Playstation all do it, along with Google and Apple on mobile, and it's wonderful. Now for $30 a month split between GeForce Now and PC Games Pass, you can play hundred of games on a 4080 on a Chromebook. Games have never been as affordable or accessible. This is a good thing for gamers, enabling fixed-cost gaming that's easy to budget for and much cheaper a month than games used to be. Even if you have two or three subscriptions from different companies (which can vary month to month).
There are more games coming out every day than a person can consume. It's not the 90s anymore, no reason to clutch on to treasured old titles when a similar game will be out in a few months anyway.