how do you know that everyone paying $200/mo aren't getting their value out of it?
I don't know that. In fact I would say the opposite- some people get their money's worth. I think my parents do with Directv. They love getting access to their favorite out of market NFL team, they love a variety of channels, and they watch premium channel movies all the time. People like my parents aren't the problem.
The problem are people who just have cable to watch a single channel, or have it just because they always had it even though they only watch a few syndicated TV shows a few hours a month. Like many things the system would get a lot more efficient if these low-utilization users would figure out that their $200+ could be a lot better spent watching the same TV shows on Hulu or even just buying the few hours of TV they really want to watch on iTunes.
What is keeping the current cable system locked in place is not the high-utilization cable users. They might get screwed in a streaming future actually as each little service adds up. What is keeping the system in place is that single mother who pays the cable bill to watch Food Network and that money really goes to pay a CBS, ESPN, NBC, Fox, etc that they never watch. To compound that Food Network puts EVERY program it has on the internet, so a combination of a Chromebox and a little basic computer competency could have her paying the cost of internet to watch the same stuff.
As long as whales (to use a gambling term) like that exist, the desire to accommodate low-margin millennial cord cutters doesn't exist. The problem is that CBS, NBC, etc aren't getting their brand exposed to these future mainstream Americans, so the longer the the inefficiency exists the quicker we move to a complete destruction of that side of the content industry.
and.... ?
$8/mo is less than many people spend at chipotle for a burrito + a drink.
This isn't 1950, most Americans have more than one tv. The average American home has roughly three tvs in it in 2015. At $8 a month per TV that is $24 a month just for boxes, when most streaming services are under $20 a month.
The value proposition for cable is way out of whack for a lot of people.