It's the fragmentation and lack of ease of use that does it. If I had a NAS and Jellyfin setup, I'd have a catalog of basically everything available to stream; I wouldn't have to look a dozen different places to see if anyone has it available; I'd not have to worry about the streaming rights switching to another service in the middle of a show I'm watching; I'd not have to search through a bunch of different services to find where exactly I purchased it; I wouldn't have to learn a bunch of different inconsistent crappy, buggy interfaces; previous purchases wouldn't mysteriously disappear.

Throw all that on top of not being forced to watch the same ad for Rings of Power the thousandth time in a row, a much broader library of content, a better library of subtitles, and no performance issues.

I'm happy to pay for things that deliver usable experiences. Concretely, I'd gladly pay $200/month for a good streaming service that avoids the pitfalls mentioned. But I'm not going to pay money to subject myself to abusive practices and terrible experiences.