Yeah, there is a reason Netflix has been cranking out their own content by bunches over the past few years. They saw the writing on the wall coming of all the movie/TV studios creating their own services and subsequently pulling their content off most or all 3rd party streaming services like Netflix. There are a lot of people who likely subscribe to Netflix mainly to just watch shows like Friends and The Office, which Netflix now no longer has either. This is why I'm more bullish services like Disney+ and HBO Max. Yes, Netflix has created some great original programing, but ultimately it is nothing compared to the years and years of movies and TV shows made by the likes of Disney, Warner Bros, HBO, and ABC studios have produced. Nobody has more valuable IP either than both Disney and Warner Bros, and Netflix has spent year's riding off of other people's IP.
As for what I think Netflix should do is continue to crank out content, but maybe focus less on quantity and more on quality moving forward. They've paved out a few good niches and created some good IP, but they do need more. I do like how they have been the place to go for some quality rom-coms over the past few years. They need to keep rocking that as I do think people still enjoy those, but just aren't willing to pay $15 to watch one in the theaters anymore.