How long the system has existed has nothing to do with it. It's pure economics. If you owned content rights would you sell it for $1M when you get split up rights and get $2M for partial rights and still have upside for the remainder? If someone on the internet said "it just doesn't make sense to a viewer" would that change your mind?
No it wouldn't. The dollars don't lie. The viewers opinion is reflected in what they pay for, and that is reflected in what distributors are willing to pay. These things do change over time as the landscape shifts and new business model possibilities show up (eg. Disney+ day and date streaming releases), but it has absolutely nothing to do with your armchair notions of what makes sense to a "normal viewer". They pay or they don't, businesses are rewarded by figuring out the aggregate implications.
No it wouldn't. The dollars don't lie. The viewers opinion is reflected in what they pay for, and that is reflected in what distributors are willing to pay. These things do change over time as the landscape shifts and new business model possibilities show up (eg. Disney+ day and date streaming releases), but it has absolutely nothing to do with your armchair notions of what makes sense to a "normal viewer". They pay or they don't, businesses are rewarded by figuring out the aggregate implications.