It seems to me the only reason why we have different countries having different distributors for the same content (therefore why geoblocking is needed) is a rel

It seems to me the only reason why we have different countries having different distributors for the same content (therefore why geoblocking is needed) is a relic from the days where terrestrial broadcasting was the only distribution mechanism, and hence limited range (because each broadcaster owned the infrastructure in each place) In this day and age where digital distribution means automatic global reach, is there any reason why this business model continues to exist?