In reality, you have .gov for government, .com for business, .org for organisations who don’t care how much traffic they get, local country TLDs for if you operate a service for one country only, and tons and tons of garbage.
com is the only TLD that has any value for international commerce. It doesn’t matter that .netflix exists, because it will never be used for anything productive. The problem is that you can only ever count on a person knowing .com and their local TLD. Everything else either won’t register with people as being an actual domain name, or will look like a scam to most people.
The internet is locked into this system, and it’s one that cannot possibly scale. The explosion in new TLDs is an attempt to address that. But we don’t need to worry about how disgusting it is, because it’s an attempt that has failed.
I would suggest two issues that are more concerning is that there is nothing that seems to be a realistic alternative or solution, and that the way this problem has played out has diminished the actual usefulness of domain names, with that gap being filled by the google search engine.