The way I see it, if people have been paying £50 for PSN which is a complete rip-off in itself then what's another £20 on top? Sony are yet to justify even the basic price they've were charging since 2013 let alone any rises. Anyone that has reservations about this increase should absolutely get out of it now if they have an alternative.
Microsoft will go the same way in time so finding an alternative there wont make a difference - there's already been Game Pass increases and limitations and Xbox Live wont be fifty notes forever either. If you have access to a PC then every platform being free is still one of the most overlooked benefits. I've only been saving my PS5 for single player exclusives because there is no way I am paying £50 (now £70) just for something I can do for free on Steam, UbiC, Bnet, EA Play plus the rest.
If Sony actually had a full streaming service and backward compatibility library in play for a fixed non-tier price then it would be worth considering but in its current form, PSN is a scandalous charge especially when Sony are leeching off of other people's servers and services 95% of the time. You're essentially paying top-dollar for patches.