Oh I know this exists, I just think it’s ridiculous. My attitude was best put into words by David Lynch: “It’s such a sadness that you think you’ve seen a film on your fucking telephone. Get real.” (I realize he later moderated this for, uh, reasons, but I take this as the proper attitude.)
I’m not really worried about mainstream Chinese manufacturers stealing my bank credentials. Fly-by-night budget phones full of crapware, yeah sure.
Netflix has a lot of things that aren't proper films.
Also when I use my phone to watch something in a focused way, that's a high quality HD screen filling my field of view even better than a theater. The audio isn't quite as good, but the overall experience beats most TV setups. So unless you dismiss Netflix as a whole, I think your notion of the phone experience is overly narrow.