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Who is subscribing to Game Pass, PS Plus and Nintendo Switch Online, and why?
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I think enough people have been exposed to enough subscription services that customers have started taking inventory of what they're paying per month that they didn't used to do, which means often signing up for a month and then quitting. I'm simultaneously surprised and not surprised that the access to online multiplayer only accounts for about 30% of the reason people subscribe to these things, but then those same customers doing that same accounting of their personal finances have probably done the math to realize that, long term, it's cheaper to just play games online on PC, which is leading to consoles performing the way they're performing lately.
The companies are clearly coming to terms with this, as well. I'll be avoiding Sony games on PC for the foreseeable future - after the Helldivers debacle, it's clear that Sony is looking for ways to monetize PC players.