I think it is. ESPN is a totally separate vertical than the rest of what Disney offers, and it’s subject to compulsory high rate licensing.
Excluding it from the bundle lets Disney be price competitive.
I could buy the ESPN carve-out, but the fact that Hulu is separate is just mental.
It also underlines in the US that sports is probably the last interest in linear programming. It would be interesting to get a picture of how many US customers will pay for ESPN in a Disney+ bundle but not Linear Hulu. I'm sure Disney will be tracking it, and probably made a smart move making the more interesting bundle the one with ESPN but not Linear Hulu.