I much prefer to play on Gamepass at the moment. From my personal experience, I will simply never have the time to play again to 90% of my games. It’s just impossible (even if I stopped playing new games today, I am not sure I will be able to do so before I die). Since it’s way cheaper to play this way, I don’t see the point of buying new games anymore (I still buy a few games per year, and just cancel my membership while playing them such as Nintendo games or games I really want to play day one like Cyberpunk).
Besides, over the years, I built up an emulation setup with all the games I played (and old games I would likely play at some point, since I dedicate 50% of my play time to retrogaming). It’s not like it is necessary to own them to play them if you want a nostalgia trip a few decades after their initial release.
Besides, the vast majority of those games will still be available in the future (physical copies, online stores, remaster/remakes, piracy, emulation). I believe it is unnecessary to own every single game in the fear of the being able to (potentially) play it once again in 10 years.
I agree that the gamepass model will likely collapse at some point if it becomes too popular, but it’s not a problem to take advantage to it while it’s profitable and drop it when it’s not anymore (just unsubscribe when you don’t use it, which is what I do 4-6 months per year to play other games).