I mean you saw it with The Callisto Protocol. If a dev and publisher think they can get by without Game Pass they'll elect to not go that route. Sure it helps some devs and publishers but the ones it really helps aren't usually in a position to be so successful without it.
Also notable is Hitman 3 came to Game Pass a year after it was released and not day 1. They sold through whatever they could manage before going that route. Sony fans arguments are that games being released day 1 on Game Pass is bad for the industry. When the game sales go inert doesn't matter anymore. Hitman 3 followed Sony's ideal model for subscription gaming.
Sure it's a case by case basis.
It shouldn't be a 1 shoe fits all situation.
If Callisto Proto would have landed with strong praises it would be a huge success with a sequel probably guaranteed. I feel like if they would have been honest with themselves they could have been in a much better position out the gate.
Instead... Now they gotta hope for the residuals
Now granted if MS decides they want it now they might throw them a bag but I mean... At this point what they could have got and what they might get offered now is probably going to be significantly different and that's even if they get the offer. Maybe Sony will make it a free game sometime this year before DLC drops.
Also Sony Stan's initially spread the word that sub services as a whole were bad for gaming as a whole, the companies, devs and the players. I'm sure you remember the threads here even.
"MS is losing tons of money, devs aren't getting paid, players will just get GAAS games and shovelware, putting there games on PC is dumb"
Overall gamepass has been nothing but great for players, devs and the industry.
From here on out there will always be a market for subscription services in the gaming space. MS is for a change being proactive in making sure they are one of the top contenders and it's not snatched up by Google, Amazon, Apple, tencent, steam, epic or Sony.