Microsoft has its game pass and Sony has launched a new PlayStation Plus with different tiers that are a little confusing but (they hope) will compete with what Microsoft has. Now you can have the bare-bones level (Essential) which is what used to be the only version of PlayStation Plus. You can use that to play online and get a few free games, a higher level (Extra) that gives you a chunk of PS4 and PS5 titles. There also is the Premium tier which brings with it even more and older PlayStation games plus trials of stuff and other bonuses, I imagine.
I don't play a ton of games so for now I'm good with the most basic option that allows me to join others online when I'm doing, "Fall Guys," for my son to giggle at and otherwise get a free title now and then. That said, if you want a big catalog of titles on the Playstation to stream, you've got some options now.