The business goal behind most of these "protection" methods is to make unauthorized (unpaid) copying/sharing inconvenient. That's it. There are no commercially feasible methods to protect video or audio content against "a determined hacker", but that's not what these barriers are for. You can make fun of these laughable encryption methods all you want, but they serve their purpose by providing the desired purchase to piracy ratio.

The problem is marketing folks getting carried away when describing these "technology solutions" to the content owner, because that's what they (as well as VCs) want to hear.

Disclaimer: cofounded a video CDN+DRM provider more than a decade ago, developed many content protection methods over the years.