As someone who games on PC and Xbox, Ultimate is still terrific value and I'll always recommend it. Best deal in gaming by a wide margin.
But let's all just be honest on what their restructure - announced ages ago - actually is: putting Call of Duty onto the most expensive tier. They can't reneg on their "day one" marketing, but they also can't give away their biggest cash cow. Game Pass standard still includes online multiplayer, plus whatever's in the catalog, so that's good - but it doesn't include Call of Duty. You want the big games, you gotta pay more. For some folks, that'll still be a great deal, and obviously I'm in that bucket. But it's a price increase for everyone else.