I think the direct parallel was Netflix. It used to be the only platform of it's kind with an extensive catalog, so it was a far easier sell for people to sign up and stay subscribed. Even at it's peak though, Netflix never managed to kill off physical media because there are still fans who want to own that disc of their favorite TV show or movie that they could watch anywhere, anytime. Then when other media companies wanted to grab their share of streaming revenue by clawing back their stuff from Netflix and setting up their own smaller catalogs, thinking they would get the same retention that Netflix achieved, instead people started to play the subscription hopping game. In the wake of this, sales of physical media are even seeing an increase too.

I feel like Steam comes close to being the "Netflix" of games because even though it's not literally streaming games and doesn't use a subscription model, it still has an extensive catalog and acts as an alternative to owning physical copies of games which comes with both benefits and drawbacks. I'm pretty sure that if publishers keep trying to claw their stuff away from Steam though, that we'll see a similar uptick in people returning to buying physical copies as a result.