However, it is possible they're missing out on potential viewership when they cancel too early based only on one season metrics... I rarely watch a show that's only been on for one season because I'm that much more likely to not get story closure. Not sure how common that is, but how many people are watching shows that were cancelled before getting story closure? And how many might watch the back catalog otherwise? I guess not enough to be worth the investment.
On a side note, I do wish more seasons (streaming or not) would actually come to a real stopping point instead of just ending on a cliffhanger and hoping to be renewed.