I'm paying for the content between the commercials. The commercials, bugs and overlays are free.All this then begs the question, "What are we paying for?"
The commercials allow you to pay 40c per month for the channel and its content instead of more. It also helps that tens of millions of other subscribers are paying their 40c per month for that channel - whether they watch it or not.
The PBS tag line "paid for by viewers like you" applies to commercial cable TV channels as well except the "viewers like you" are defined as people who have to pay for a bundle of channels that they do not want to get some content that they do want. That also applies to streaming services. Access to tens or hundreds of thousands of titles or episodes. Gonna watch them all? Not me.