It's a good notion and likely a necessary move. They already have a good base in PS Now. Not having day one releases still keeps them behind Game Pass, though.
That said, I understand why they would do that. Their in-house developed games are generally a higher tier.
I will say the PS Plus collection for PS5 is a great preview of what that service could offer. There's a ton of great stuff in there. Unfortunately for me, personally, I've already played most of what I would want from it.
If you don't find value in it, sell it or don't buy the next one. Why would you want yourself and other people to be restricted to give you a perceived sense of value in your purchase?
In terms of the general public, not everyone wants to buy a console and not everyone wants to buy a PC. Some prefer desk gaming, some prefer couch gaming. Some prefer mouse and keyboard, some prefer controller. Big screen vs small screen. And sometimes you want all of the above. Sometimes it depends on the game or the mood of the player.
For me, I generally prefer PC gaming, but I also sometimes want to game on a couch. Having both makes a ton of sense in my case.
I don't see these options as anything but win-win for everyone involved and would love it if PlayStation did something similar.