I doubt it's practical for individual episodes yet. You would likely need a month between episodes to do this, and people would just forget about your show in that time.
It's simply infeasible to adjust a show to fan feedback on a weekly basis I think. You'd need either a really small show, or one where most of the elements (sets, lighting, wardrobe, etc.) stay pretty consistent between episodes, then the work would just be a matter of tweaking the story, rather than figuring out how to get the whole crew out to all the locations required to make a traditional tv show.
So you cant really change that much week to week.
Some folks on Patreon are experimenting with it. One of my favorite series Astartes[0] puts out episodes every rare once and awhile, but we all clamor for them nonetheless.
You couldn't run a normal show this way, for sure. But it is interesting to see the results of it in the small.
Consider also the way standups hone material over many performances building up their set.
So there are incremental feedback models in entertainment - but they’re rare.
I guess remakes and reboots are a crude model of iteration as well, although it’s not like each new iteration of Spider-Man is a refinement of the last based on audience feedback - it’s still speculative ‘here’s that same thing repackaged in a way new audiences will love!’ thinking, rather than creeping towards product-market-fit
This situation is emblematic of the fundamental conflict it would face. On the one side the desire to produce rapid cheap bite-size content to iterate on for a metrics-based tech company, on the other blowing all the cash for said content on the Hollywood tactic of putting star power on the red carpet