The problem is too much choice and not enough quality material. If you have 4 TV stations, like the UK use to have, each of them has enough revenue to be able to produce quality programs that a large segment of the population will enjoy. When you have 100+ stations the audience is fragmented and most of the stations have less money since there re more staff to support and so they can only afford reruns or crap new shows which are cheap to make.
The same is true for streaming. If you look at the content on Netflix in Canada there are no real alternatives since Shomi shutdown and as a result the content they have is much better than the US. If you have 5 streaming companies then that same content will be split five ways and the money each has for new programming will be much less because now that same revenue has to support 5 sets of admin and support staff etc.