When comparing pass vs GPG encrypted text file, the Slant community recommends pass for most people. In the question“What are the best offline password managers?” pass is ranked 7th while GPG encrypted text file is ranked 13th. The most important reason people chose pass is:
And is basically just a bunch of GPG-encrypted files stored in a folder.
Specs
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Pros

Pro Works in command line
And is basically just a bunch of GPG-encrypted files stored in a folder.

Pro Free and open source

Pro Full control
You are not forced to rely on any other service provider than yourself. Like saving them on a remote server as in the case of LastPass. You don't have to extend your trust (to LastPass or any other provider).

Pro Ultra portable
As it has both Git support and encrypts passwords to GPG-encrypted text files, it is really simple to access everywhere. You can either use a self-hosted or a personal cloud hosted Git repository. It is automatically being kept up-to-date. Clients for pretty much everything and a really active community. Even if you can't run a client you will still be able to access the password by decrypting them from the Git store.
Pro Has cross platform GUI clients
It has a Qt-based GUI, an Android and iOS app, a Firefox plugin, a Golang GUI app, an interactive CUI, a dmenu script, OS X integration, and also an Emacs package.

Pro Not using a database
It doesn't use a database like, for example, KeePass and thus doesn't open all passwords at once. Just one at a time.
Pro Allows storing password history
You can version-control the encrypted files using Git, which allows you to track all changes done.
Pro Adheres to Unix philosophy
Does one thing and does it well.
Pro Uses standard components
As GPG and Git are widely used, it relies on thoroughly tested and secure functionality.
Pro Scripts for importing passwords from different services
Pro Multi user suppport
You and your team can share a repo and different subtrees can be encrypted for different sets of GPG ids.
Pro Support for extra functionality via plugins
For example the plugin "pass-extension-tail" makes it possible to only display the non-password parts of a password file, like the username or the name of the service the password is needed for, and without showing the password.
Pro Minimal
It's very easy to understand what the program does, why it's doing it, and how it's secure.
Pro Has git support
Pro Can be easily integrated with other command-line tools
For example, I can run GITHUB_TOKEN=$(gpg -d GITHUB_TOKEN.gpg) some_tool
Pro Outstanding compatibility
GPG is standard on most operating systems, and is compatible with "too many to list". A GPG API is currently being developed for further integration.
Pro Free to use and modify
GPG does not use patented algorithms, so this service is free to use and modify without restrictions.
Pro Can be used with any system that understands text files
Text files are ubiquitous. They can be read across any modern platform and many obsolete one's.
Pro No dependencies
GnuPG does not depend on a reading program in order to be functional.
Pro Offers an installation package for Windows and OS X
"Gpg4win" is the installation package for Windows, and "GPGTools" is the package for Mac. The purpose of these packages is to equip users with everything needed in order to effectively keep information private.
Pro Uses symmetric key encryption to ensure that emails are secure
Symmetric key encryption not only protects emails from unauthorized access, but it ensures that the sender and receiver are legitimate.
Cons
Con Not super user friendly
Might be a little too low-level (even with GUIs) for some teams of users.
Con Exposes the names of the sites
By default each file is named 'google.com.gpg' - so someone who steals your password directory would know every site you have accounts on.
Can be mitigated with plugins like Tomb, but a noteworthy caveat.
Con Not hosted = not accessible
As everything is stored locally, there's no way to access your passwords while on public computers, etc. without exposing your private key to the world. You'll have to manually enter your passwords while looking at your phone, etc.
Con Not ideal if you have to use Windows
While windows clients technically exist, this program is quite obviously aimed at UNIX-like systems. If you have to use Windows (eg. for work) then it'll be difficult to get everything set up properly.
Con No webapp for easy shared access
Con Requires knowledge of the command line
GnuPG requires technical knowledge, but their FAQ is incredibly helpful for people who want to get started.
