No, because not all things are constant
You listed out the important stats:
- Passive Perception is 11 (10 + Wisdom mod)
- Blindsight relies on Echolocation
- Echolocation can't be use while its deafened
- Keen Hearing gives advantage when check using hearing
So when not deafened, it can use blindsight which gives advantage. This roughly translates out to +5, but not always. So adding a straight +5 would be slightly inaccurate. But that's not always the real problemcase.
What if the bat is flying inside a silence spell? It still has a Passive Perception, it just can't use Echolocation and thus no advantage. So stating that it has a PP of 11 is accurate.
Also, other factors might not deafen the bat, but might nullify Keen Hearing. As a DM I would say that things like a very noisy chamber, loud music, spells that cause loud noise (such as Thunderwave) might effect it's ability for keen hearing and cancel out the advantage. Back to PP of 11.
Also, not all things perceived are audible. You cannot "hear" a secret door, a trapped chest, or a flickering light. Since these don't use hearing at all, there is no advantage. Once again, PP of 11.
So while it may be common to have everything align to have PP of 16-ish, it is more correct to say they have a base PP of 11, but often get advantage to be roughly the same as havingmake it 16.