They are not charging the same amount though, and they are offering more benefits.
- PS+ Premium: $160 per year.
- Game Pass Ultimate: $204 per year.
GPU is 27.5% more expensive than PS Plus.
- PS+ also offers more games every month,
- Including retro games that GPU doesn't,
- Cloud streaming your own library that GPU doesn't,
- Bravia Core movies that GPU doesn't.
The only disadvantage of PS+ vs. GPU is that PS+ does not offer first-party day-one games. But considering the quantity and quality of Xbox games, I personally do not think it is that big of a disadvantage, but others will have a different opinion on it, of course.
But, comparatively, PS+ does offer more at a lesser price.