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Plus, the GOTY edition is released two years after the original game. At that point, the "hype" died down and it's a way to entice new players into buying this game : just make a bundle with all the content, for less, so that people can enjoy the full game without having to decide whether or not they want to buy the extra content.
Once a GOTY edition is released (just like Skyrim's Legendary Edition), there is no point to buy the base game anymore (apart from mod-related reasons).
Best choice, just don't buy it, and don't bother to question the logic. It only makes sense if you are looking at it from a perspective of "Maximum amount of cash for minimum amount of work".
Not saying that Bethesda is a greedy bunch, I think they simply follow the rules of economics, but Fallout 4 and Skyrim turned into some serious cash cows for them and they are simply prolonging that until the release of their next big open worlder.
Due to it being a common practice, the effect it has on the customers is to discourage buying the game when it comes out. Beth essentially penalizes those who supported the game from launch in favor of trying to sell a few more copies.
Making the SP a few dollars cheaper than GOTY would not impact the sales figures significantly, but would send the proper message to Beth customers. Of course, there will always be those who don't care about cost, or who simply can't wait to get a game. But there are also a significant number of customers who simply don't buy until the GOTY comes out, for exactly that reason. I am in the latter group myself; I also tend not to buy Beth or Paradox games as much because I do not support these type of business practices.
It is a matter of "target audience". They aim for those that does not have the game at all. By providing a GOTY version for cheap than only a season pass, people is being encouraged to purchase the full product instead of going for the base product only first. Those that went for the base product can purchase the season pass on a later moment. However, this brings in less cash on short term and uncertainty on long term because you don't know if they would purchase the season pass. Or some of the DLC's.
By just giving the "whole experience" as a GOTY with a higher discount than base game + season pass, people could be nudged to purchase the GOTY version. That is a quick win with an additional surplus (more cash than one purchase of a base game) on short term, and does not have that uncertainty that the DLC's/season pass gets purchased in the future.
Please be aware that the actual and relative prices are correct: GOTY > season pass > base game. But it is just so that GOTY is cheaper than season pass and base game together (even when not discounted).