It's an interesting question, but I think GamePass is still in a unique position. Netflix subscribers have alternatives, there currently aren't any alternatives to GamePass. I think it could probably go up to $30 and it would still be okay for a lot of ppl. As long as the illusion of value is still there. I only play X amount, but look how much I'm getting for X amount... it equals Y times what X costs.
I know ppl who have Netflix and barely use it, they've had it for years and maybe only care for 10% of the content on the service. But, as long as there is a banger here and there, the value the service holds with them. Squid Games came out and they'd forgotten that they didn't care for most of the content on the service. I think sometimes it's the "but, I could" and not "I want to" that delivers the value. Sometimes having the option, even if you may never use it, is enough to justify the price of a service.