up until a point ... HBO has been all about the entire pipeline from its inception because it feels (and has proven) that its content alone is good enough for it to be purchased a la carte.
Netflix and all others see this and say ... theres a business model here.
Fastforward 20 years, creating good content is cheaper. There are more film grad students to make the supply cheaper. Add to that the internet which allows you to be your own distributor. Basically its easier to be HBO today than when HBO started and you still get the added profits that HBO gets vs not generating your own content.
We want a hub but well take what we can get as long as the content is good. And we will get custom content because we have shown it pays. I guess we dont want the hub enough.