The real reason is that bandwidth is dirt cheap, if you know what are you are doing at scale.

For 'hobbyists' there is a lot of complexity with setting up your own streaming infrastructure compared to just using YouTube or Twitch.

Then for media companies who want to own it, they can just buy their own infra and networking which is outrageously cheap. HE.net advertises 40gbit/sec of transit for $2200/month. I'm oversimplifying this somewhat, you do have issues with cheap transit and probably need backups especially for certain regions. But there isn't much of a middleground between hobbyists and big media cos.

For piracy (live sports streams), I've read about https://en.wikipedia.org/wiki/Ace_Stream being used for this exact purposes FWIW. This was a while back but I know it had a lot of traction at one point.