Yeah I don't see how it can happen this gen.
I do think that Xbox (with Bethesda, and others of their recent acquisitions) have a lot of strong positive momentum. They also clearly have the value proposition for the lion's share of consumers who don't mind going all-in on digital. I also think that gaming is even more Netflix-able than movies and TV, because games are repayable - and so keep you subscribed, in a way that movies can't match.
But no matter how convinced we may be that gamepass brings the goods in the long run, in the medium run the reality is that Sony has a much larger install base who are by default going to remain in their ecosystem (esp. with PS4 BC) unless Microsoft give them a very good reason not to. This is especially true in some geographies (like mainland Europe) where Xbox never really gained a foothold even in the 360-era high water mark. An already-bullish prediction would be that Xbox (S and X combined) outsells Playstation in North America, and the commonwealth/anglosphere of UK/ANZAC/India. It is currently losing in all of those markets, (even in the US they need to close a 20% PS4 lead gen-on-gen) and they are faced with a strong and conservative Sony which is determined not to make any mistakes this time. Even that wouldn't be enough.
So no, I can't see it.