You've focused on English language based shows. If you branch out, you're going to find a lot more original content. Yes, much of it is "crap" but there's an awful lot of content being generated for markets who don't see it as crap. Often "crap" is a cultural misunderstanding. The show "The Protector", for example, is Turkish, I believe. I watched a few episodes (I'm from the US) and couldn't really get into the style, despite generally liking those types of story lines. If you look at some of the South American and Asian content, though, some of it is quite decent, even if you don't get the cultural references.
I agree with the GP post, Netflix has established a worldwide market and continues to get better at it. I've watched shows from Thailand, Korea, Israel, Turkey, China, Brazil, Spain, and several other countries that were all labeled as original content (they may have been purchased but they're carrying the Netflix original label). Yes, a lot of content is crap but the same can be said for pretty much every producer out there. How often does a "Friends" come along for a major studio? Once every 10 or 15 years, maybe?
The debt is a point of concern. I don't know how they get out from under it unless they start licensing their own shows to other streamers. They're not going to die easily, though.