Another is that there is nothing special about Netflix other than being an early mover. It might not be for you but Disney has a meaningful brand and the future belongs to meaningful brands.
So whilst you may think Emily in Paris for example is crap it is hugely popular.
Netflix has to provide content that everyone enjoys. Everyone doesn't like the same thing, so it's necessary to have a bunch of content near "interest clusters" that exist within "everyone". This necessarily means that the majority of content will be disliked by any one person, because no one person likes all the genres. All that matters is that the hours of entertainment that you will enjoy is enough to justify the fee, each month. If you actually liked 90% of the shows on Netflix, the company would almost certainly be a failure, since that would mean they were only targeting your interest clusters, which is almost certainly very small compared to the whole interest space.