Well, as a watcher from series is much better to already know how long an episode already take, which is usually around one hour.

And if you release something all together in 16 hours it became harder to go back to where you stopped, in case the software glitches, harder to comment with friends, which maybe would create less hype, and maybe even create a mental barrier, like, "omg, this is 16 hours long in one go!"

And how are you even supposed to know when you should take a break while watching it for the first time?

Despite the freedom not to, many authors still break down their novels into roughly equal length chapters.