I completely agree with you. I personally have a Netflix account, and do not subscribe to other services.
My point is that right now, today, this very instant in time, Netflix is not primarily differentiated on technology, but on having content that their subscribers want; that online video distribution is now a commodity.
This is where we disagree. I don't even know what content Amazon or HBO or Hulu has at this point. Netflix has already made me a lifelong customer with their product and user-experience in the past 10 years or so that it'll take an earth-shaking difference in content for me to switch (or add) a second monthly bill for content. Netflix is part of social fabric (at least in the US). All of this was won by relentless focus on an excellent product and user experience... and perhaps only a middling content catalog.