Yeah honestly people keep saying "look at Netflix" but I'm like "yeah exactly, look at Netflix"
What lesson has been learned by these content companies? He who owns the IP makes the rules, and you need a constant stream of content to keep your subscribers. This translates to bidding wars for exclusive streaming rights to "third party" stuff (or those same 3rd parties starting their own service) because exclusive rights are obviously a big deal in marketing, and a focus on episodic, long tail, "high-engagement" content to keep people locked into coming back every month. Netflix dumps swimming pools of cash on its content, and the clear majority of content you could reasonably grade below 60%, relative to how video games are graded. They dont really hunt down a bunch of "third party" streaming rights anymore because it's becoming cost-prohibitive to outbid a dozen other services for the same content
The real issue that will come into play that you dont see with Netflix is the myriad ways you can monetize games. If no subscription title really needs to make a certain sales threshold and they just need to drive engagement as a baseline, wouldnt that have a greater chance of affecting the game design than the traditional model based on the hijinks we've seen from some of the higher profile engagement-driven GaaS? Obviously not all are bad, but also not all games are GaaS... because the market doesnt dictate that they need to be GaaS. People say "well just buy the games instead of sub" but the game designs are often still fundamentally changed to fit the sub model, as bad as it is now with companies like EA making full-priced F2P games do you think it's going to be better when that $60 entry fee is gone?