I think that people are desiring to watch what they want, when they want. Cutting the cord is about the freedom to do just that, without the issues of being on the Network TV schedule, time shifting with DVRs, or dealing with the barrage of commercials. I really get reminded of this when I have to travel and attempt to watch TV in the Hotel room...I go crazy from the commercials alone.
People are just voting with their money, spending it to get what they want, rather than spending it to get what they are given.