Why is less options a good thing?
Because it means that the publisher needs to make it worth it and that holds all the more true the higher the price is. It creates a situation where they can't phone it in, because at a price of $/€20 or more, people think about what they are buying. That's why less options can be a good thing because things move in a direction where the publisher feels inclined to overdeliver or at the very least justify the price they are asking for.
Maybe you've seen the DLC thread that I made for Atelier Lulua; that game provides you all possible options to buy its DLC, but no matter what you pick, it's always bad. It is an example of how more options can be a bad thing, because a season pass's purpose is to convey a good deal when it's actually still a rip-off. By the way, Atelier Lulua has three season passes.
Less options being a good thing also applies to games as a whole. When you look at what some publishers have pulled off with three or more editions being available at launch, each one having different content missing in the package, then a single edition at launch would have been without a doubt preferable.
There's a reason why the saying "Less is more." exists, because lots of things in life have a tipping point after which more of it makes it worse.