I can admit that it is not necessarily rent-seeking (I've seen some cartoons from the 90s / 00s on streaming services, which were in mind when for that comment) but it still seems to me that it is a problem with the business model. It's the business owners' fault that they ran out of money and can't produce any more shows because they tried to make a broken model work especially if the reason they couldn't gather revenue is that people were simply able to bypass their attempts at doing so.
(So a restaurant is unable to gather revenue when people "simply bypass" their attempts with a dine-and-dash. Not sure how I feel about that, to be fair.)
Similarly, I don't really think people who pirated cable TV a decade or two ago were freeloading. As soon as it's being delivered directly to my living room via speed-of-light communication, and I have control over the machines that perform the delivery, the product is practically worthless. Comparing that to feature filmmakers who sell licenses to movie theaters, where I would need to physically tamper with machines I don't own in order to obtain the video data, there's a not-explicitly-for-the-sake-of-the-business reason for me to fork up money for the movie ticket. (Granted, they could give me the video data directly, but they don't.)
That seems like it breaks down when you consider that revenue from the streaming services is funding the creation of new shows?