I don't think game pass hurts but I think Microsoft's limited acceptance in Japan coupled with ticking off a large portion of their fan base during the infancy of the xbox one negates a ton of that advantage. There's also that small percentage of the base that's the game collector. Thanks to YouTube, limited editions, and companies like Limited Run Games this group is getting harder to ignore.
It's still an advantage and is a heck of a value for the gamer that just wants to play a bunch of different games. It seems like all the xbox only type of games will always be there but xbox has the lesser of the big three's exclusives. Third party games will rotate out and for a really casual gamer or one that likes to enjoy a game for a long period of time there's less value here.
Lastly I'm starting to be weary of the subscription service model. Holy crap there's a lot of these now and while 10 bucks here, 15 there, 40 there, etc. seems small, these things start to add up. I think I pay more a month in subscriptions than I do for my car. I'm sure there's a saturation point and some time in the future we'll see the equivalent of cable cutting (de-subbing, sub stopping?).