There's something to be said for the cord-cutting software ecosystem supporting more-than-casual piracy experiencing huge improvements. If you have the hardware, you can host your own media using Plex as a server, and Sonarr to manage your library and automate acquisition of new TV episodes.
Plex is one of the best pieces of software I've ever used. It Just Works™. You need a decent internet pipeline to support remote streaming, but LAN is a breeze to setup. It's so feature-rich I don't know where to begin. I honestly prefer it to any other streaming service. Apps on just about every platform you can think of (they had yet to release apps for Nintendo consoles last I checked).
I have my whole family set up on my server, and it doesn't cost them a dime. The primary drawbacks from their perspective are that they need to request shows and movies to be added, and I naturally don't have Netflix-level availability, but hey. Shit's free.
So when a cord-cutter with enough savvy to pirate video can actually replicate the services rendered by Netflix et al. on their own, why would they pay five times for something centralized that they can get for free[1]?
[1] Plex has $7 month premium features, with the option for a lifetime pass equal to about 2.5 years of subscription.