Enshittification refers not just to making things crappier, but to a process in which different people benefit. iirc:

• first the customer gets a lot of value and the platform loses money (bc the service is building a customer base)
• then the vendors get a lot of value bc the platform privileges them (this is most obvious with amazon - not sure if there’s a direct parallel with netflix, maybe the rights holders?)
• then the shareholders get a lot of value bc the platform squeezes every single possible penny out of the customer and the vendors.

Netflix is very far into the enshittification process. Many years ago it was a pretty good platform. But now if you are a paying customer, you can expect the service to get continually worse.