This is the point I always try to point out.
That it is not as valuable as some repeately say.
I'm not the biggest of Xbox fans (see my post history if you don't believe me) but let's say hypothetical you buy an XSX or XSS as your main console.
You are almost definitely going to get
Xbox Live Gold because consoles these days are pretty pointless without the online subscription. That Xbox Live subscription (without Game Pass) is currently $25 per quarter or $100 per year.
If you get
Game Pass Ultimate then it has XBL Gold included and is
$15 per month or $180 per year. However you choose to slice up the hypothetical breakdown in cost, you're
essentially getting Game Pass for $80 per year since you'd probably buy XBL Gold anyway. So Game Pass is
basically $7 per month if you think of it that way.
So if we consider that games are likely to cost $70 each very soon and you'd have to buy all of your Sony first party titles outright rather than getting them via PS Now (they won't be on there) AND you'll likely be paying for PS Plus anyway, Game Pass Ultimate is a great deal in my opinion.
Even if you only played one of their AAA first party titles (that would cost $70 or more) per year, you're already getting your money's worth. All you need to do is play a couple more games (in the space of 1 year) and you've got your money's worth. If you played 1 or more games per month on top of whatever AAA first party stuff also comes to Game Pass (supposedly they're all coming to Game Pass) then you're getting your money's worth and then some.
Correct me if I'm wrong but the idea that it's not a good deal only flies if you ignore the fact that people would be buying XBL Gold regardless and therefore $100 of the $180 annual cost for Game Pass Ultimate is essentially a sunk cost.