Exactly. I made this point a month or two ago. I cancelled my Netflix account for the first time since 2004. Because with all their data scientists and two decades of viewer data (more detailed than Nielsen ratings could ever provide), and billions of dollars... they still can't compete with AMC, HBO, etc. It's inexcusable. It's laughable. And it makes me think we are in a serious big data/data analytics bubble. When I unsubscribed, their crowning achievement was a "Top 10" leaderboard. Something any junior dev could throw together with a few SQL reports and a day or two of free time. That feature also highlighted the bargain bin nature of Netflix's catalog.
The other problem they have is they have eroded viewer trust. You can't actually watch new shows because you know they will be cancelled after a season or two. So new shows come out and no one watches and Netflix cancels them because of no one watching. It's a snake eating its own tail.
Plus people have realized they would rather wait until all seasons are out to binge watch than have to wait large gaps of time.