That still allows easy bypassing of the country restrictions. If you're a local pay TV broadcaster who has paid a premium price for a show that is particularily attractive in a given country, you are not going to permit Netflix to sell the country you paid exclusive rights for.

Netflix could trivially buy the rights cheaply for a small country with a tiny economy and then use these cards to sell to the US or other major countries where the rights could cost a thousand percent more.

No competent distributor will let them do this.