Because to watch usage go to zero while charging what it actually costs to successfully run the service would immediately liquify the slow moving quicksand investors are currently standing in.

That plus the legal risk is too high, which gets added to the math of making copyright deals + computing, and they decided it didn't make sense at the moment. Even Grok is clamping down on the video side. Can't beat bad economics and lawyers/politicians coming down your throat no matter how good the product is.

To focus on other things.

100x of a small number could be less than 1x of a really large number from a product that they are more comfortable monetizing.