The over 40 crowd is not going to be so quick to cute cable tv that they grew up on and have depended on for their entire lives.
it will probably take another 5-10 years for the service to get better
I think it is the "years for the service to get better" that's the bigger obstacle. I'm in my 50's, so I grew up pre-cableTV and pre-VCR. When I was a kid, you watched what was on, when it was on, that you could get from from your roof antenna. I have no problem switching technologies, and neither do any of my friends who are my age.
When I moved into my home, I had DirecTV at a time that DirecTV didn't offer OTA channels, so I have an attic antenna that is still hooked up.
Today I have cable and a DVR. plus I stream movies. Although my attic antenna is still hooked up, I watch local channels via cable instead of via antenna, even though the picture quality from the antenna is noticeably better, and the OTA channels have a ton of subchannels. There are two reasons for this: (a) Ease of interface. I can switch from a cable channel to a local channel via cable just by changing the channel. Switching to an local channel via antenna requires additional actions to change the input on my TV. Not a big deal, but a slight additional inconvenience. (b) DVR capabilities. Cable TV comes through my DVR which allows me to record, pause, and rewind/FF live TV. I don't have that capability with channels I watch via antenna.
Last time I looked at streaming TV, a few years ago, the interfaces were very clunky, and DVR capabilities were only via cloud, also with clunky interfaces. At this point in my life, I'm more interested in convenience than saving a few bucks.
For me to seriously consider cutting the cord, I would need to see improved interfaces to make it as easy to switch between antenna and streaming channels as just switching a channel. And I would want DVR capabilities for antenna and streaming channels, with the same easy interface I see now. Less necessary today, but ultimately needed, is the easy interface to search for and watch on-demand content (i.e., movies and TV shows and sports not airing live on a channel), voice control remote, and the ability to stream local DVR recordings to other devices (e.g., ability to record a program from the antenna and stream it to my phone or laptop for viewing).
From what I can tell, this capability doesn't exist, although the technology certainly exists. If I were to build a set-top box to achieve what I am looking for, it would be a STB with inputs for an antenna, internet (ethernet + wifi), plus potentially additional inputs for other devices like blu-ray player or even cable TV if I want. The STB would include storage for recorded programs received from any of the inputs (and the capability to play recorded programs to other devices via internet). I would be able to select my preferred streaming service, allowing me to have multiple services, or switch services without replacing hardware. It would have an clean, easy-to-use interface that can be customized at least to the point that it knows that when I want to watch CBS that I want to watch it via antenna and when I want to watch ABC I want to watch it via Hulu. It would have a voice remote, plus the ability to interface with home assistants like Alexa and Google Home. Plus it would have an IR repeaters, so when I use voice to tell it to lower volume, it can send the signal via IR remote to my TV or sound system that lacks appropriate other interfaces and also tell my Blu-Ray player to pause or play.
As I said, the technology exists for all of that. But as far as I can tell, the product does not exist.