What about when it's on another site that you don't have access to? What about when it's a type of content that is relevant to you? This is hacker news so I'll assume you're involved in technology in some capacity - what if something like Stackoverflow was purchased by Facebook or Google and you couldn't view questions without a valid Facebook account?
You're seeing step 1 and not realizing that step 4 or 5 is the entire web gated behind walls.