It's not bad, but the library is limited and you don't own the games.
As Ive gotten older owning games has meant less and less to me.
I used to have physical movies and games collections that were large size. But I realized I don't watch the movies or play the games often enough to for me to justify them taking up space and needing to be dusted in my apartment. In that case its pointless. Not to mention none of us own the games from PSN+ or GWG either but people cite the monthly games as a reason of value for subscribing to them.
Tyler says it best: "the things you own end up owning you"
Said it perfectly, my man.
When I was a teen/early twenties, I was obsessed with accumulating a "game library", that would be gigantic and comprehensive and eternal and replayable. For everything, too: games, movies, books, music, etc.
Now? I realise life is too short, I can't take any of this shit with me when I die (which could be tomorrow) and I don't actually ever replay 99% of games! Just my favourites and maybe RPGs where I can do a different character and/or play style.
It was just a stressful treadmill of constantly trying to accumulate more stuff. I'm so much more relaxed to have sworn off it.
Game pass is brilliant. In 5 years if I really want to replay the Outer Worlds (as a current game pass example), I can always buy it then if I must. I don't need 400 games on multiple shelves representing many thousands of euros, "just in case I want to replay something!" I can just value the experience of playing, when I'm playing, and not worry about the permanence of things. Literally everything is going to end up as dust anyway :P