If you just "want to watch something" but don't care exactly what it is, a streaming service is great.
However, if you want to watch a particular movie/show repeatedly, then you want a Blue-Ray or DVD, not a streaming service. No streaming service will guarantee you endless future access to a particular video, and that makes them distinctly different. Buying and downloading a file would also work in theory, but in most cases you can't legally buy a video file, you can only lease video files for a specific device for a finite indefinite time. So while that's an option that should exist, in practice it usually doesn't, so disks are the only thing legally available for those who want continuous access.
When I want to watch the a particular show, I want to watch that. Not a random show that may or may not be on a streaming service I'm paying for. The show may not be on any streaming service available to me at a particular point in time. Of course, I could always go to a pirate site and get access to practically everything, but while that's probably more convenient, I'm trying to do things legally.
I think it's fraudulent for vendors to say that you "buy" a video when you don't get to keep it permanently, but it does happen. What's worse, that fraudulent misuse of the word "buy" confuses some people into mistakenly thinking that disks (like Blue-Rays and DVDs) can be replaced by streaming services. Yes, they have similar purposes, but they are not interchangeable.