Their original promise was to be an all-in-one place to find streaming content. They have failed in that.
They started making their own shows and movies, BUT they seem to make cancellation decisions based on short term results, which is bizarre considering many media properties have a track record of taking time to gain momentum and popularity. And in any case, as long as a media property is well developed and has a loyal following, it can be profitable in many ways over the long term. Instead, Netflix has ignore all of this and dangerously upsetting subscribers by cancelling such shows on a dime. I think what they also don't realize is that many people likely only watch one or two genres on Netflix... and if they keep getting disappointed by cancellations, they will just unsubscribe.
So this is a other fail by Netflix
Pretty much no innovation from Netflix for years as far as I can see, and a constant threat of reducing features/content or increased fees. For example, their app had annoying autoplay for so long and they knew it was not enjoyed but they dragged their feet on removing it. And other than a few minor changes, nothing new on the app - same old boring difficult to navigate interface that adds nothing to the viewing experience. There are many things that can be done without even touching the content library, but it seems like they no longer have the personnel or interest to improve.
Finally, subscribers are constantly bombarded with bad news from them, and not just more fees: ads, loss of content for various reasons, preventing sharing, cracking down on vpns, cancellations etc.
So this is yet another fail.