I'm pretty sure the correct question is "Why would Netflix want it?" (companies don't generally acquire other companies "because why not?", at least not ones that hang around long), and I can't say I see a good answer to that. The only thing that Netflix could win with would be licensing deals, except Hulu doesn't actually have them, as they are all short term deals. If Netflix and NBC want to get together, or not get together, Netflix's possession of Hulu isn't going to affect anything either way in that case.

It isn't even worth buying them to squash them; they're doing a very good job of that on their own, and the list of buyers who stands a realistic chance of reversing that is very short.