They were good while they were the first-mover with all the good distribution contracts signed. Now everyone and their dog runs their own streaming service, and keeps tight control of any IP they may have. Netflix catalogue was never that big - they were, and are, just very good at hiding it with UI dark patterns; now, it's even smaller. They're trying to back-fill it by funding... well, take your pick:

- Charitable view: a very broad selection of productions aimed at smaller, niche audiences, so that everyone can find something unique they like.

- Cynical view: B-rate shit, going for quantity over quality, and hoping something sticks.

Either way, at this point, many Netflix users have long ago watched everything remotely worth watching on the site, and keep the subscription out of habit (or to keep access to something they like to rewatch). It doesn't take much to lose those subscribers.