That must be laughable quality. 1080p blurays easily clock in at more than 22Mbit/s for grainy content, the spec allows 40Mbit/s. And that's not even including the audio. UHD discs must deliver at least 82Mbit/s.
And a lot of content is not even using the things that UHD standards allow to deliver (4:4:4 chroma instead of 4:2:0, higher framerates). So even if they're delivering in HEVC is suspect that the compression is not source-transparent.
Streaming services really frustrate me for that reason. I get that bandwidth costs money but when e.g. Play Movies advertises a movie rental for $5 but when that actually means $5 for SD (who the hell even uses SD) but $10 for UHD when it's compressed to shit, what service are you actually providing me?