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I find game subscriptions interesting. The model you mentioned delivers a fresh Steam title each Friday, mixing new releases with older ones. Whether it adds value depends on your gaming habits—some enjoy variety, while others prefer curated collections. It can definitely expand your library without requiring constant manual searches.
It relies on both the cost of the subscription and the level of game quality it offers.
I would much rather just purchase one or two games every now and again, through a Steam Sale/Humble Bundle store/bundle. That way I actually get games I want to play, rather than kind of 'hope' for a chance I get a game I like. A game subscription such as the one you proposed would not be something I would personally go for. But it can be appealing to people who already have 'all the games' they want and kind of want a curated list of games every month? I'm just worried you won't get a curated list, but rather just a set of keys they were able to get their hands on for very little money