I disagree a little, because I guess I'm envisioning a scenario where we get nickle and dimed to death for the same content.
I think you're looking at what Netflix and Hulu are now, not what they might become as the landscape evolves. Right now, Netflix is a silly bargain, so much so that if you watch filmed entertainment at all, you're crazy not to have it, assuming you can pay for the other elements within the hierarchy of needs.
But the content that Netflix airs is stuff that was contracted to them under older, flawed views of the model. AMC thought they could send old episodes of Mad Men and Walking Dead to Netflix and people who didn't watch those shows would get hooked on an older season and tune in to the current season and become fans and maybe even buy physical home media (blu ray/dvd packages) for those shows. That was probably back in 2008 or 2009.
What we are seeing appears to be that a significant number of consumers are happy to wait for seasons of these shows to just land on Netflix 6-12 months after original airing.
So...if you're AMC when these content contracts run out, you're either re-upping at a significant markup to make up for lost ad and home media purchases, or you're taking your content to your own platform and charging for that.
And so no one needs to jack up prices significantly. Netflix can stay at $8-10 per month...but it will have less content. And to get that content, you'll have to have three or four or five other monthly subscriptions, and now what you're paying starts to approach pay cable levels more.