The content licenses are a real pain. Maybe one of the aggregators will just power through and have so much more content available that it will squeeze out everything else until new content only signs up with the winner, without strings attached.
The other day I was trying to binge watch a season of a broadcast TV show, so I tried the On Demand thing on the FIOS cable box. Just 5 latest episodes available. Fine, this dinosaur is dead anyway, so I go to Hulu Plus; surely they will have the whole season, that's why you pay the sub, right? 2 latest episodes available! WTF.
These incumbents are not competing with Netflix et al, they are actively burning the subscriber base and encouraging them to switch. I think if they put up a huge banner saying "Please don't use this site and go to Netflix instead" I would probably spend more time there than now. Sad panda is sad.