Here's a breakdown of the bundle :
MSRP Sale Game Pass DLC 10% discount
Bundle $50 $40 $45
Hot Wheels $20 $18
Expansion 2 ??
VIP $20 $18
Car Pass $30 $27
Welcome Pack $5 $4.49
Expansions $35 $31.49
Formula Drift $7 $6.29
Expansions is a bundle of just the 2 expansions, nothing separate. The Formula Drift pack is also part of the Car Pass. Based on precedent, and the pricing of the bundles, can expect expansion 2 to also be $20. So $95 MSRP piecemeal for $50 in a bundle, nearly 50% off.
VIP gets you double money from races, 2 weekly super wheelspins, 3 Forza Edition cars, some cosmetics and one of the in-game houses is granted for free (1.5M credits to buy otherwise, doubles Forzathon point payouts from Horizon Arcade). The free house and extra credits and wheelspins are useful early game. Play long enough, though, and money doesn't mean much and if you manage to fill up your garage, you can't use spins until you make room. At least that's what happened in FH4, I assume the same is in FH5. Haven't gotten there. Yet.
Welcome Pack has 5 pre-tuned cars (one of which I've used quite a bit) and another house granted for free (700k credits to buy, unlocks Horizon Promo). Also a voucher to redeem for any single car from the autoshow, and some vouchers for cosmetics.
Car Pass is 42 total cars (8 in Formula Drift), with 3 cars left to be released. I don't know offhand how many of the cars I've used, aside from a couple Formula Drift ones. I haven't cross checked each of the individual car DLCs for the game, but there are a bunch up for $3 each that are in the pass.
If you don't care about the extra cars and don't think you'll stick with the game long enough for the extra VIP money and spins to really pile up (and eventually become meaningless), you can probably skip them. The game still throws quite a bit of money at you, so as long as you don't buy multi-million credit cars from the autoshow out the gate and once you buy the houses for their various perks, you probably won't be hurting for money.