1. Netflix is boring
2. Their recommendation algorithms didn't solve 1.
The root cause of it all is their odd focus on expensive originals over third party content. Their catalogue is just not deep enough if you remove all the subpar content. Before using Netflix I engaged in massive piracy for over ten years, and I'm considering it again - this time in smaller amounts, because I don't have that much free time anymore.
1. I want to find my own shit with filters, not by scrolling through endless reams of D- grade cable TV quality shows.
2. I want major efforts from networks and studios, not homemade content. I know I may be in the minority here, but I strongly prefer HBOMax right now (which I get for 'free' with my phone plan) because the content is aligned here coupled with their own solid content, not D+ grade self-created content.
For me I associate the big red "N" with bad content. So when I open Netflix and see the red "N" plastered on every thumbnail the algo serves up, I immediately wanted to close the app. I eventually felt tired of batting away their originals to find good content so I unsubscribed.
I don't know how many other people actually feel the same way, but it seems pretty clear to me that their subscriber base doesn't like Netflix's original content as much as Netflix does.