Hulu had a content library of stuff people had already shown they wanted (through both live viewing and internet piracy) and also launched before almost anybody else (Netflix instant streaming was pretty tiny back in 2007). The business model also evolved a few times.

This is more like Vessel, the more tech-backed version of "let's split the middle of Youtube and Netflix for more short-form stuff" that nobody has shown they wanted, now or then. Just with shit-tons more money to throw at celebrities vs more youtube-creator stuff.