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I'm in the exact same position. I upgraded to the four simultaneous streams specifically so I could share two of said streams. What I get in return is access to Hulu and Youtube TV from my friends. We're sharing the costs and this has worked out well so far. Now, if Netflix (or others) implement such a system where they'll require 2FA or some crap, I'm A) going to down grade my subscription and B) probably not pick up any of the others.

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yeeeeah I think this is exactly the sort of thing Netflix wants to stop

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Probably, but I can attest they're getting more money from me now than they would if implemented. Especially since Netflix drops entire seasons out for binge watching, they'd only get a singular month or two of subscriptions from the others (i.e. whenever Stranger Things premiers) instead of the steady upper tier subscription I currently pay. Granted, I'm only one data point but I can't imagine I'm the only one?

At what point do these streaming services begin to merge and we just end up with Cable 2.0?

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We don't media companies have staked out their territory. Disney won't merge, Comcast won't merge, Paramount won't merge. Streaming is just part of the portfolio of companies who own content, distribution, and studios. Hack analysts on Wall Street wish casting mean nothing. You will see fewer services but bigger ones only because the smaller/niche won't survive, not through mergers.

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