But also the reality is that most people have their devices connected through a shitty wi-fi connection and may be effectively limited to 50 or even less mbps, specially if you consider the unpredictability that comes with it.

True. Plus the big streaming services' business model now is low quality content produced in house or with cheap royalties, that people put on in the background. They might have a prestige show or two, but that's just a hook to get you to subscribe, they'd much prefer you watch the cheap stuff.