Not so. CTV and CBC here in Canada pay the BBC for the shows they air from across the pond. I presume the BBC buys content from CBC and CTV as well. I know, for example, that BBC America buys "Orphan Black" from Space here in Canada. Were you to allow foreigners to access CTV's website, they could watch Orphan Black for free instead of their local broadcaster paying for the rights.
I'm sure the BBC offsets a pretty penny selling Doctor Who around the world.
Still, I'm not so sure Hollywood would object all that much to being able to sell to a market of half a billion people with a single broadcaster's contract. But what it might do is price the media out of the range where any single broadcaster could afford to pay for it, because they're still constrained by the market revenue of their local nation and not getting paid by the entire half billion worth of people.
It's all well and good to say "down with geoblocking" until you realize that geoblocking is how the market share is divied up between broadcasters. None of the broadcasters in the world is set up on the basis of serving the globe, not even "giants" like NBC, CBS, ABC, or the BBC.