As others have pointed out, the rules of competition don’t apply since there’s exclusive content at play.
As a metaphor, It’s not like one restaurant serving a popular type of food vs multiple restaurants doing so. It’s having one Italian, one Thai, one Chinese and one American restaurant being the only ones in 100 miles. Look! There’s competition, 4 restaurants! Unless you only want some pad Thai.
So now instead of fixing cables issue of $60-100/month, they made it more complicated by paying $60-100/month to 3-5 different companies instead of one.
As a real life example. If you have kids, or are a big Star wars/marvel fan, 9/10 you need Disney+. It may as well be a Monopoly now so they can raise their prices as much as they want. Parents and nerds will pay through the nose for it.
Source: am a parent and a nerd (but I pirate all my stuff anyway)