I believe the Academy Awards and a few other things too also influence this. The rules to be eligible still very much favor legacy studios IIRC. But, with this that may change? Hard to say. I know that quite a few Netflix movies have had theatrical runs at random mom and pop theaters in Cali so they could meet eligibility requirements for the various awards.

Now I'm envisioning WB movie pass combined with streaming subscriptions. The business models can get quite funky in this paradigm.