Not really. A magazine subscription, at least on iOS allows you to suspend and resume your subscription (in case you don't want a particular "issue"), and it applies for a block of time - you don't have seasons, you just get the next N tables.
A season pass is more like a table pack, which is a fixed set of tables that you get all of. The problem here is that since the 10 or so tables aren't know, people complained because the end of season 2 consisted of a bunch of Gottlieb tables that weren't as fun so people felt ripped off. Especially compared with the start of the season. Season 3 looks to be doing the same thing. Given the price of tables, if there's only 5 or 6 of them that you like, it's cheaper to buy them individually than as a bundle.
The season pass will be offered once season 3 is over so no one can complain about being ripped off because the table list is known.