Yes it should be like Netflix.
1. Buy hardware
2. Pay subscription
3. Play all available games.
From our point of view, yes. From the developers' point of view, no. PlayStation and Xbox already have a huge library on their side, while Stadia needs to get developers and games on their platform.
PS Now already offers games by subscription, but they normally don't have the newest games. For instance, they don't even have NBA 2K19. The big games they recently announced for the platform: Grand Theft Auto V, God of War, Uncharted 4: A Thief's End and inFAMOUS: Second Son; will be available only until 2020/01/02. It will probably evolve into something like Game Pass to get newer games.
Game Pass, on the other hand, gets newer games. That probably gets more adoption from devs because of the limited amount of time we have access to their games. But even that doesn't give you access to most new AAA games and neither is the whole Xbox library.
There isn't a platform that has a subscription to the whole platform library, time-limited or not, and thats probably because it is too expensive to get developers on board, or for us to pay. We can see EA Access yearly price which is $29.99 and they don't even give access to DLCs or new games right of the bet. Uplay+ will be $14.99 monthly with DLCs. Those companies are just a part of the industry, and to get all of them on board it would be even more expensive.
I even think that xCloud will follow the Stadia business model. That is if they don't charge a little bit more for Game Pass. Like $19.99 instead of $14.99.