The bigger problem is when these engagement bumps are valid but destroy long term value in the cohort. The auto binge optimization makes viewers more cautious about opening the Netflix app altogether.
This happens with things like fast food restaurants. Subway expanded rapidly, and then tried holding up their sales with discounts. How long can someone eat at Subway weekly or daily before they never want to go there again? The bar is so high, you are way betting off starting a new franchise brand than trying things like removing yoga mat chemicals from your bread or hiring a new mascot who isn’t a child rapist.