The appeal of Peak Netflix was that it had everything in one place with reasonably working discovery mechanisms. You could pay $10 or so per month and be satisfied. The current streaming era is "if you want to see all your favourite shows, it will cost $60 per month and you'll have to bounce around among 12 apps to find what you want."

If we had a mandatory-licensing regime, I'd expect multiple choices would work great. Services couldn't survive on "Only we have The Office/Game of Thrones/Bluey" alone and would have to differentiate based on other factors like "best discovery tools" or "built to better suit your specific devices"