Thus average production quality seems like a useful metric. There’s currently a handful of “traditional media/streaming” shows with absolutely crazy budgets today and if you happen to like them then that’s great. However, if you don’t things quickly fall off a cliff in terms of production quality.
The same is true of YouTube. The quality of 50,000 one man operations is irrelevant if you happen to like MrBeast, but if you don’t like MrBeast budgets drop off fast. A reasonable argument is you and everyone else may prefer a specific YouTube cooking show over Baking with Julia or other 90’s show with a much her budget, but there where several options to chose from.
Thus purely objectively even if 90’s TV had lower maximum budgets the floor being relatively high is worth taking into consideration.