The "Sold Octopus" is not a day pass and there is no reason to get it unless you collect transport tickets, or have no opportunity to refund a regular Octopus when departing HK and won't return for over 3 years (as the new Inactive Octopus fee has come into play).
HK is not like some European cities where making one journey on its own is rather expensive, and costs the same whether you travel 1 stop or across the entire network, while if you pay for 2 single journeys you can also travel free for the rest of the day.
There are, well, 2½ main bus companies and some minor ones, and every route has its own fare structure with some long-distance routes priced over 10x the fare of a local route, so there is no reason for bus companies to incentivise unlimited travel. If there were to be unlimited passes there would have to be several versions with geographical restrictions.
Individual fares are cheap enough and there are several discounted fares if you return on the same (group of) route(s), or if you interchange to another route, but these can get complicated.
The tram pass seems to be only available by post and is a good deal if you will definitely take the tram 14 times (17 if posted overseas) but I think you would be unlikely to take it that many times unless your accommodation is somewhere along the route like Quarry Bay or Happy Valley.