I think the games industry is just to competitive for subscriptions to work. Indie games are more often than not are some of the best games in the year and usually cost half as much as AAA games. Subscriptions could work but there are few publishers that have produced consistent quality games to justify it.
That's a very polite way of saying that may AAA developers/publishers can't put together a quality game for shit these days even if they tried, especially since the AAA industry has pivoted towards "monetization" and "engagement" and not actually producing anything of value. That a game is produced is more of a tangential side effect of their business at this point.
It's about volume * unit price. Just because AAA games and indie games do not have an order of magnitude difference in unit price, they definitely have several orders of magnitude difference in volume.
