I think it's worth going back to why (I think) Apple has its own streaming service. Ultimately, Apple seeks to establish a curated feed of storytelling for various members of the family. Apple is using its own content as a carrot to get people into the Apple TV app in order to watch content from other video bundles. In addition to earning revenue from Apple TV+, Apple earns a piece of the revenue streams generated from third-party video subscriptions created via the Apple TV app.
Remember in another article, Tim Cooks states that Apple focuses on products where they can integrate hardware, software and services. In the case of TV+, this dynamic probably takes the form of a show like "The Morning Show" being placed next to compelling content from third-party video bundles in order to create a comprehensive paid video platform powered by good storytelling, user privacy, and human curation.
Then, streaming tv isn't mutually exclusive the same way music streaming is. There is nothing stopping people from subscribing to multiple such services, and the reality is that many people likely already do, because each service has a couple of shows that are worth catching.
Next, I think where Apple is going is for compelling storytelling. It's been a while, but many of the shows on TV+ contain some deeper message or meaning. For example, The Morning Show focuses on the MeToo movement, See lets us view things from a different perspective, while Dickinson revisits an uglier aspect of US history. Movies like Tehran, Wolfwalkers and The Banker are also pretty thought-provoking as well.
I don't get the same takeaway from shows like House of Cards or Stranger things. Many of Netflix's shows make for a good 2 hours of mindless popcorn-munching, but they don't exactly leave me questioning aspects of society or culture.
However, I think the pandemic has resulted in Apple being unable to sustain the stream of high-quality shows coming.
But in all, I still think Apple is on to something with Apple TV+ and the Apple TV app, and I wouldn't be too quick to discount them yet.