Without some kind of major change to the industry that shifts momentum in the favor of Xbox and Gamepass, it's reached it's peak already.
The reasons for customers to subscribe to Gamepass have actually decreased now that Xbox makes its games available on Switch and PS5. There was a time when someone who primarily games on Switch or PS5 might have felt compelled to keep a Gamepass sub open with a PC or a Series in order to take advantage of games not available on their primary system of choice. That has now gone away, so if you are not someone who likes to rent your games on a sub and would rather purchase them on PC, PS5, or Switch, then Gamepass has lost some of its attraction.
That said, there are a significant amount of gamers who are happy with the subscription model and, at least at its current pricing structure, will likely continue to purchase the subscription.
So all in all, what we are seeing is the "maintenance weight" of Gamepass subscribers where the fluctuation is very negligible and it has captured the portion of the market that it is going to. Given we know that the goal is to have over 100 million subscribers by 2030, these numbers can't be healthy for its long-term.
For many gamers, Gamepass has been on a good deal. But no matter what Xbox PR might say, it can't be seen as success based on their targeted trajectory and how disastrously far off course they are from it for being mid-2025 and them not being able to move the needle any further in any meaningful way. Perhaps if they cut pricing on it significantly they'll see an uptick in subs, but at what cost will that be in the long-term?