The "event" factor will certainly go away for games if we move to subscriptions. I really like gamepass, has saved me a ton of money, but lack of scarcity has made me think none of the games on there are all that special. Halo Infinite - my most played series of all time (Halo 3 in particular), a series I would stand in line at midnight for - I have yet to play and haven't bought any physical editions because it's on gamepass - it'll always be there. So in the end I'll probably save the campaign for a very boring, rainy day.
I'm an Xbox guy but no doubt PS5 is wayyyy more popular. Switch too. When Sony and Nintendo are dominating like this, to the point where Microsoft isn't even close, why would they ever turn to subscription services. Companies usually do this in a desperate move to gain market share. And for Microsoft, with their Activision/Bethesda acquisitions, day 1 launches, etc, gamepass being a legit awesome deal, they are still wayyyy behind Sony/Nintendo. Why is that and what will exactly change that moving forward?