American here and the only reason we have cable TV is because it's nowhere near that expensive when bundled with internet access.
Since cable is our only option for broadband where I live, it breaks down like this:
Just internet access for $70/mo
Internet access plus HBO and several channels and a tuner/DVR rental for ~$110/mo
Now, there are some limitations. On HBO, only the "main" HBO is in HD. The other HBO channels are only SD. Same goes for other cable. The "big" channels and network re-broadcasts are in HD or SD but many of the more niche channels are only in SD.
Additionally, with the phasing out of unencrypted QAM, you can't easily use your own tuner. I used to use a simple Hauppauge card in a PC along with a software tuner/DVR program to handle all of my channel flipping and recording but now I have to use their crappy cable box. In theory I could get a different PCI or USB card/box and rent a CableCard to handle the decryption and use my own tuner/DVR but CableCard is very poorly supported both in terms of software compatibility and cableco support.
In the end, we decided to keep cable for now even though I watch maybe one or two shows on traditional cable every week. The vast majority of my watching is done on Netflix or HBOGo. Still, my gf likes the convenience of just being able to flip through channels and she does a lot more "casual" watching of stuff that wouldn't be found on Netflix. If we swapped cable for Netflix, Hulu, HBO Now, and whatever other OTT subscription services, it wouldn't save a whole lot of money and you'd be stuck dealing with various apps and websites to find the specific thing you're looking for.
If it was just me, I'd probably skip cable TV but since it's both of us, we have to balance the actual savings against the very real issue of convenience, usability, and options.
I think a main issue is that there's not always an easy way to find the cheaper cable plans. They aren't well advertised and we typically get these offers after specifically asking for them from a cable customer service rep.