I think the issue started long before that. Netflix always had issues with content owners licensing it for one country but not for others, or asking huge fees to license for multiple countries. They’d also limit which shows Netflix could have at any time.

This meant Netflix had to manage many different catalogues for different regions and constantly cycle shows on and off just to make the content owners happy

Once content owners started realising they could milk Netflix for all it had, Netflix really had to start making content to reduce its risk and dependence on other studios

The issue is and always was corporate greed, on every level