It feels like we are going backwards in time.
We are kinda. The pinnacle of cord cutting was sometime in 2009-2012. Its downhill from here for a while.
The problem was when Netflix and Hulu first hit, no content providers took them seriously. Netflix at first didn't have to pay as much for "syndication" rights as say a TBS did, they paid the equivalent to what was paid if Greyhound wanted to broadcast shows on their busses. Hulu was a side experiment by the content providers to dip their toe in the water, and basically be a promotion platform for their shows so people would be motivated to sit down and watch them on cable (aka be able to catch up).
So Netflix was able to amass this amazing library on content for cheap. Hulu was given episodes of new series with minimal commercials. And something happened- rather than supplement cable service people started cutting the cord.
And just like in 1999 when the music industry model of basically selling a hit song as part of a non-negotiable $15 package with other filler crap died, the tv content providers are freaking out. Movie companies still have box offices to fall back on, but these giant TV companies cannot survive in their current forms on the type of revenue online and mobile brings in.
So Hulu gets more commercials and less new content. Netflix has less than a few years ago and some big stuff is gone. Content is starting to be pulled into walled gardens where access is still tied to a cable subscription.
Netflix is smart- they see the end game. They know that content providers will ruin their success before they will accept less revenue, so they are cutting out the middle man and making their own content.
Maybe in 5-10 years you will be able to add a HBO subscription to a Netflix account and then real change will come more quickly.