Under capitalism this is the stable solution, the same way there are so many auto makers, essentially making the same 3 or 4 cars/trucks, the same way there's the same PC OEMs making the same 3-4 laptops, desktops, etc. Consolidation, central command, efficiencies of centralization, guiding towards lower prices via these efficiencies, etc isn't capitalism. Maximizing profit by maximizing acceptable price is capitalism. What you're asking for isn't capitalism, but these are capitalist industries, not socialist ones controlled by, say a co-op or the government.
Those MBA's are doing what they were hired for under a capitalist model. Their companies controlled IP's and those IP's are profitable outside of the Netflix umbrella, which ended up being true considering the success of Disney+, Hulu, etc. Of course now you're seeking a equilibrium. Will lower-tier offerings work like some no-name services or services with lesser content like Paramount? Maybe some players won't survive this, but that's also part of this model.
Not to mention nearly all these services opened with predatory pricing. Disney+ was not going to work at $7 a month, but it got people to sign up, maybe cancel with someone else without predatory pricing, and now Disney just needs to boil the frog to higher prices. Under capitalism these anti-consumer tricks are perfectly legal and oddly acceptable. It seems now we're in the stage of the capitalist entrepreneur cycle where predatory pricing is out the door, and everyone is clamoring to get to the price point that works. All the players who would make a streaming service already have, so this little masquerade can stop.
It just may be the case that your average US household can afford $150 in streaming services and everyone is just fighting to get that, which is close to what they paid with cable before streaming with inflation. This is the goal, not "lowering prices for good American families" and other dishonest marketing. If there's a $150 slice to be had per household, then capitalism will extract it. Or more, then people will revolt, cancel, and that will lead to price cuts and maybe some consolidation (say two weak services combine).
I find it amusing that Americans who claim to love capitalism, actually dislike what it does, and instead quietly pine for socialism without knowing the word or concept. "Hey why dont all these inefficient companies just combine already? With strong consumer protections? Under a non-dishonest marketing scheme where efficiencies and where they co-operate deeply to maximize value and lower prices?" That's not the system you live under. Instead companies will fight each other, steal marketshare, raise prices, etc and maybe there's efficiencies there, but often not, but what matters is learning what the consumer can pay, and charging her that exact maximum.
Which is what's happening here. No one but account sharers and college students etc are cancelling. Middle America isn't cancelling Disney or Netflix anytime soon. Maybe paramount or a weaker service, but everyone is in contention for that $150 and they're going to fight for it. It makes no sense under capitalism to consolidate back into a Netflix-like service. Its not going to happen again. Netflix was just capitalism getting there, but now that replicating the Netflix model got easier thanks to the cloud, these big IP holders just made their own.
Imagine asking "God I hate paying to the Disney parks, why don't universal and disney and MGM just make one big park with all their IP run by another profit-seeking entity?" That would be absurd to ask under capitalism, but people are asking this for streaming?