I'd argue that xcloud and gamepass are equally disruptive to the industry. In either case you don't own the games and they are tied to a subscription. Whether the game is running locally or in remote hardware doesn't change how it impacts development and sales of games.

Cloud based gaming is not going to replace owning hardware unless they can ensure sub 20ms response time for every and I don't belive that target is feasible but either case is bad for gaming as a whole. Games with 100 million dollar budgets are never going to see a positive ROI on services like gamepass and are reliant on gamers being willing to pay full price at launch.

My point is that Gamepass and similar services will kill AAA games if they become the primary way people access games and that is something that is best avoided. Games need a 6-12 month buffer to hit sales targets before they are considered for subscription services, otherwise the entire business model will fall flat on its face and take gaming with it.