The cable television era was a blur of bad movies endlessly repeated. Trash shows rerun over and over again. The channels that made more educational, documentary, or informational content first served to give cover for media companies to move their bigger channels in a trashier direction. Later the History, TLC, and other non fictional programming channels slowly morphed into total staged garbage reality tv chud. There was a social aspect, every middle class family would feel like it had to have cable, you would feel like you were missing out if you didn't have the bundle with thirty channels.
The streaming era is less profitable in the big picture for the studios and distribution channels. They aren't collecting money from subscribers, carrier fees, sponsorships, ads, or bundling low quality channels/content with the highly valued stuff. There are more original programs being made today, and the cost of streaming is cheaper and fewer ads if you only subscribe to one service at a time. Nearly every rerun you could ever want is also available. Its just a little more convenient compared to the big thick wires and cable that dudes would drill holes into plaster walls in order to install back in the day.