We have satellites. We use cables b/c they lack the speed and bandwidth necessary to support the total requirements of the modern internet. Satellite-only is only feasible if you're fine with going back to waiting minutes for your saucy jpegs to load (elder millennials, you know what I'm talkin' about).

ever heard of Musk's Starlink? From thier website "Starlink users typically experience download speeds between 25 and 220 Mbps, with a majority of users experiencing speeds over 100 Mbps" - https://www.starlink.com/legal/documents/DOC-1400-28829-70

LEO satellites would be too inconsistent, and further orbits have way too much latency.