Requiring 1:1 traffic flows is a stupid way to organise peering agreements. It doesn't matter if it is 1000:1 as long as both sides are getting benefit from the peering. If you have content you want to deliver and eyeballs that want content you peer.
As for transit providers and eyeball networks. The transit providers are being paid to deliver content and the eyeball networks are being paid to deliver content. Failing to upgrade interconnects is taking monies under false pretences and that has another name "fraud".