Video on demand works because the content is short and you need a large variety in a pay period as a consumer.
I don’t just watch one show or movie in a month, it’s several. So bundling makes sense.
It’s also fairly commoditized. I will watch what movies are available on Netflix, not like I’m extremely committed to watch a single given movie as long as the general selection is good. Maybe there’s one or two films a year I care about seeing that specific film before it rotates into a subscription service I subscribe to (and if not, meh).
For video games, it’s maybe one title a month that I really care about playing and then I only have time for that one game. But I only really care about setting aside time for that game and a lot of the other options out there you couldn’t pay me to play.
They are very different markets and a subscription model isn’t necessarily the future or even what’s most profitable for a company to offer (as Sony was recently acknowledging).