The economics work out just fine: the net result would be paying the entertainment industry less, which may be what people want.
If you look back at American TV in the 20th century, so much of it was samey and bland because there were only 3-4 programs to choose from at any given time. It was hard to get networks to greenlight anything that didn't fit an already proven formula.
This started to change with cable and streaming. Consumers suddenly had a lot more options, and were also spending a lot more money. You had a lot more networks trying to stand out, and they put out riskier shows that rejected decades of TV norms.
Now that the industry is consolidating again, networks and studios are back to being much more risk averse, and that is hurting the quality of their output.
Personally, I don't think the answer is more all-you-can-eat subscriptions, it's frustrating for consumers and even moreso for creators. I wonder if some kind of usage-based compensation would work, where users can choose between watching a show with ads, or paying 25 or 50 cents per episode to watch ad-free.
But all the complaints I see are about not wanting to pay more for more content.
If you want to argue about copyright infringement, do, but don't equate it to theft. That's an old and tired argument that isn't useful for setting policy.
I'm sure you'd feel this way about someone stealing your identity, right? After all, your SSN can be copied exactly without taking away the original. Just ignore all externalities to the specific act of copying.
Plagiarism is another thing that's super cool under this strictly "immediate and physical" worldview of morality. There's no reason anyone would ever want to stop it, since it isn't tangibly destructive and we don't think of secondary effects when setting policy.
I know it's because you personally get something out of it, but I cannot even fathom trying to say this trite with a straight face. At least be a grown up and just say you want free stuff and don't care if it hurts upstream, like the rest of us. I really can't stand this new-age moral grandstanding piracy where you pretend you aren't a petty thief.
As for the rest: I have consistently argued that copyright should not exist, and I will continue to do so. I think it's a net loss.
When these companies make their services so painful and inconvenient, of course people are going to go to (less ethical but more convenient) alternatives.