Fifteen years ago World of Warcraft was at its peak. You had 12 million people paying a monthly fee, plus buying the occasional expansion pack. No other gaming company had seen reoccurring revenue numbers like that before and it changed the industry. One aspect of this was that if you stopped paying you lost access to the game.
The industry has been looking for the next way to level up this subscription model on gaming. Battle Passes, Xbox Live, Game Pass, Playstation Plus, Stadia, Game Fly, and a ton of other ideas. Sony is now using the stick to directly attack ownership instead of the carrot to entice subscriptions. We'll see how this plays in the PS6, but I think they are overplaying their position, especially with how underwhelming the PS5 has been received by gamers.
I'm optimistic that the raise in PC gaming will act as a balance for the obvious greed of the consoles. It's becoming a larger and larger player in the non-mobile gaming market, and it's too big to be treated like a second class citizen anymore. The open platform prevents anyone from acting as a gatekeeper between game developers and players.
For me personally, I began losing interest in consoles the first time I had to install a console game to a hard drive. The plug and play magic just fell apart.