I wouldn't dismiss their competition either. I specifically paid for Hulu solely for "The Handmaids Tail", an incredibly well done drama. ( https://m.imdb.com/title/tt5834204/ ) Still dwarfed by Netflix with a ~$10B market cap, this battle isn't over. Amazon has a decent shot as well.
If you paid for Hulu because of one specific show, what happens when you are done with it? Does Hulu have enough other content to keep you subscribed?
Not sure yet, but you're correct. I signed up because of one good show. Hoping it's not a fluke and they have some other good stuff. Fragmentation does suck, but so far, Hulu/Netflix/Amazon combined are a better deal than what my cable provider was giving me.
The "no commercials" thing is a big deal for me.