I suspect Apple One is tied to iOS 14.1 and iPhone 12, widely speculated for next Tuesday (October 13).You would think they would turn on Apple One before subscriptions run out... Timing is not everything but it is a lot!
If you are into streaming music, Apple One can be very compelling. Pay $5/month more and get Apple Arcade, Apple TV+, and iCloud -- $11-13/month value.
I buy all my music and stream through iTunes Match ($25/year), so I am clearly not the target audience. If Apple ever decide to offer iCloud-centric Apple One, 2TB iCloud instead of Apple Music, I would be all over it.