Ignorance of the alternatives. It is entirely possible to ignore netflix and continue on doing so as they are probably going to implode before too long, disney+ is newer and happily ignored (one wonders what will happen when the free bundle with it money runs out, or how long they will go for it -- if it fails then Disney goes too as the cable TV set dies off), amazon plus being tied to free shipping is pretty genius in the US (in the UK you get free shipping by default most of the time and back when it used to arrive next day most of the time too). American over the air/free satellite is not so bad either and that is not withstanding the buy it on DVD crowd still being a thing.
Plus now it is basically the cable problem of old of 5 channels with stuff on but all split between 5 packages that total small fortune. In some ways I am surprised it took this long but at the same time streaming took way way way longer than it should have (about the time bittorrent got popular was about the time it could have popped, but no it took many more years still).
Habit. Veg out in front of the TV was the standard for many many many years now.
Being burned by the alternatives in more primitive days. I am a super turbo nerd so have had a laptop running videos since 2004 maybe with s-video out I believe it still was back then and I had (still do actually) a box to turn VGA into RF/composite many years before that (had the composite to VGA a few years after that but that was more of a tax dodge). Have had XBMC/kodi since it was on the original xbox and raspberry pis... actually I was late to the party/waiting having observed sheevaplug/pogoplug and troubles these so joined when the larger RAM model B appeared. The earlier implementations "worked" but were hardly paragons of the 20ft interface concept and stability. "Once bitten, forever shy" is I thing I have encountered and had to undo, or indeed even failed to undo, when I or a fellow nerd wandered by before and showed off a new toy to those not necessarily as fond of such things and seeing in potential as I might have been.
Combining the two above. Neuroplasticity, or indeed the lack thereof among the older types, and learned behaviours, especially learned helplessness vis a vis technology, is a thing. Do also consider that while computers for you and I might have been essential tools since the early 90s if not earlier you can still plausibly have only used them as not a multi purpose device but a task specific device until... actually phones might have taken over by that point and they are doing the task specific thing much to my eternal aggravation.
Desire to find something new. I don't disagree with many of your assessments but it is still possible to find something new when watching TV where ze algorithm does often pigeonhole you or provide whatever activist idiots are put in charge of things suggestions to skip over/scroll past. I have to go out of my way to find things, and so often it is still analogue links, recursive searching or coincidental collaboration that see things found. There is also the flip side that it is passive to watch TV, active effort is active effort.
Re adverts (soon to return as well as it is a financial inevitability however much you pay*) don't necessarily ignore tivo, catch up options and the like.
Community. I can almost guarantee everybody in this thread will have radically different video viewing habits online (we can share youtube, bitchute, odysee, rumble and the like histories if you want) so trying to have a conversation over the proverbial water cooler at work tomorrow is going to be hard lest it turn into a video sharing party of sorts. Very few TV shows might tickle my pickle as it were but they are usually made to be watchable enough that you can
See also
*advertising is a very lucrative endeavour. Cutting them out kills companies. You also have the notion that those that pay to avoid adverts are precisely the people you care about advertising to with disposable income so they will try and try and try again to get adverts in front of your eyeballs, eventually enough money will follow an offer during a bad quarter (never mind that said quarter was caused by advertiser sponsored hit piece saying they are bad men running the company) that in they creep.