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Given it seems a majority of them DON'T want that, and Steam can't force them to partake...it's unlikely Steam would have its own game subscription service (which is an available option to Devs to have their own)
But there's nothing stopping microsoft or any other publisher from bringing their passes to steam. Valve will work with them on that. But tghey aren't going to approach them.
Valve doesn't have a reason to spend the resources setting up such a system that would only cause them to make less money and give gamers less choice.
But there are a few companies that have their own subscription passes, like EA, so if you play a lot of EA games, that's worth considering.
MS has been basically using their pass as a loss leader. Ie They're using it as a tool to apply competitive pressure on Nintendo and Sony. They're basically charging you less than it costs them just to screw over the other guys.
This^.
GabeN doesn't want to add a subscription to Steam, at this time.
GabeN would work with MS to bring Gamepass to Steam or any other dev/pub that wants to add a subscription to Steam, if they want to. The same way they parneted with EA to bring them back to Steam along with EA Play.
https://www.pcgamer.com/valve-has-no-plans-for-a-steam-pass-but-would-help-microsoft-put-game-pass-on-steam/
https://www.ea.com/news/ea-and-valve-partnership