It wouldn't be so bad if it wasn't a bunch of retro games and one recent-ish titles DLC, but it is. And it looks especially bad value when you have whatever Sony or Microsoft are offering (especially the latter) in terms of content for a subscription service.
Though people are still going to get it to play classic Mario and Zelda so you can't really blame them for bumping up the price. Tbh I'm surprised its taken them this long to offer a PS Plus and Xbox Live like service, including cost.