To be fair, if it were "Netflix for games", then by definition, it wouldn't have the latest and greatest stuff on it. It would have a landslide of stuff you don't care about, and a few things you do. And almost none of it would be permanent.
And that's exactly what it would take to make a "Netflix for games" financially feasible: cheap content.
So yeah, good for them for being honest, that this is just a console you keep paying for, forever, if you want to use the games you buy. But it is a perpetually upgrading console, and does have some interesting features.
Am I interested? FUCK NO.
But I can't call it DOA. If Google wants it to succeed, they can run it at a loss for years, like Microsoft did with Xbox. And I'm no judge of what people will tolerate.