The problem is that Sony doesn't put new games on PS Now. Downloadability is certainly a step in the right direction. But, MS's Gamepass is a much better program. The problem there, of course, is that MS doesn't have anywhere near the same amount of desirable first party exclusives.
In any case, I think we are moving toward a much better system here. Gamers will know that their hobby costs $X per month (X will vary by gamer, based the number of subscriptions they want/need), and publishers will have a more stable, predictable revenue stream.
I'm a stable, grown adult. I can afford to blow a few hundred bucks during the holiday release period to pick up new games. But, I remember a decade ago when I had to think a lot more about my gaming budget. It would have been a lot easier for me to handle (let's say) $20 every month, than the sporadic $60 to $120 when games I want come out. In fact, I tried to mostly stay about a year behind back then, so that I could keep gaming affordable.
The downside, for those of us that want to resell or collect games.... well, those days may be coming to and end. I'm a buy and resell guy. So, I may have to change. But, I think this is good overall, and I look forward to seeing how games as a service stuff progresses.