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It's 2020, shouldn't we have learned by now that DRM software is pointless in almost any situation?
If it is pointless in 2020, why does Netflix have DRM then?
Wild guess (I really have no idea): Because otherwise they wouldn't get the licenses for their bought content to begin with?

Netflix themselves probably couldn't care less; they know that everything they offer for streaming will be available for pirating the second its released, with or without DRM; people have Netflix because its convenient, not because they cannot pirate their content.

That only shifts the blame to the contenc owners though; they still hold on to the idea that DRM will somehow keep their content unpirated while it really has the opposite effect.
Yes, and I blame bureaucracy for making it hard to say no to ineffective ideas. "You mean you want it to be easy for people to steal our content‽" I think the world has a hard problem saying no to ideas because they cost too much. Even if it has a minor effect it must be done!

But there is one real benefit of DRM, cracking it is illegal. Of course my understanding is that they would get the exact same legal protections here if they just XORed every byte with 0x42 so it doesn't justify the spend, user inconvenience and complexity of current DRM systems.

Isn't live video just bytes being relayed around, thus you can serve encrypted content and have something in the client decrypting it into playable video?

If so you can reuse everything that the satellite TV industry (one single feed being broadcast across the entire continent) for their pay-TV DRM.

No.

You have to handle key rotation and a thousand other variables, it's a very different environment.

It doesn't appear so, but it doesn't look like this infrastructure is intended for professional entertainment video services, but more "are you a large company that wants to do your PR friendly guff via video rather than text."