Even participation isn’t really a good unto itself. Most people can successfully body double to a stream or Youtube video and so one person can provide the “passive” service to millions of people.
Having this kind of content plentiful and available 24/7 is really helpful.
You're presenting it as if there was something intrinsically better or more efficient about streaming, but the millions of people could also be matched in pairs or small groups. There would be a bit more friction, but also more personal touch.
Objectively, I think they're fairly similar. It really does come down whether you value even participation or the chance to participate in a lottery that will may propel a few individuals to stardom (and leave a lot more disappointed) more, which is ultimately subjective.
Having this kind of content plentiful and available 24/7 is really helpful.