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Kinda inverts inverted the causality of Netflix starting their own production and other companies pulling their licences. Netflix started their own production to survive the licences getting pulled, which was inevitable as soon as Netflix looked profitable.
They didn't get greedy, they probably started out greedy, ran a good service to grab market share, then had to make moves to defend against the predictable greed of the incumbents.
It's greedy turtles all the way down
This is basically it except the trick was Netflix wasn't actually all that profitable based strictly off of customers to start. It was a long con. It was ostensibly funded by people placing a bet. They offered a service that wasn't just disruptive, it was operating at a loss. People piled into the service so licences started to get dicey. Netflix started producing and filming, initially at independent rates amd sweetheart deals in my union territory because everybody looked at as being a little baby studio that needed nurturing and to be fair working a Netflix show back when it started had perks. They placed bets on creators who wanted to make something different. Not nessisarily great but different giving their production teams a lot of creative freedom. Paid lunches, cell allowance, sometimes better hours and crew gifts when a number of studios like Disney were pulling penny pinching bullshit and trying to pretend they were an independent studio to get lower rates while letting their producers act like skeeze.
Thing was it was a cuckoo all along.
They flushed the market with a business model sustained by outside money so everybody else started doing the same thing. It destroyed all the union and contract protections syndicated television once had particularly erasing residuals. That was the main thing. Creators used to make money off of the amalgamation of their lifetime work by being owed a small amount everytime a rerun was aired... But streaming didn't do that. They had those sweetheart deals that made streaming services exempt from on demand access counting as replays. So you cut off the career curve of creators from building security and only paid them for stuff they made once turning them effectively gig worker.
Once everyone was playing by the same rules the funding at the top cut out because they got what they wanted out of it they started jacking prices, removing titles, selling advertising because what the hell were you going to do, go back to cable? Now the boom is over and our local Industry is a bloody dust bowl. My seniority has jumped up more in the past year than it has in the full ten years before as folk have been retiring or dropping from the union to find new careers.