Cord cutting isn't just about commercials (indeed, there is an ad supported tier of Hulu).
It's about control over what you get to watch, when. No more waiting around for a particular time, no forgetting to set the DVR. This has always been a nuisance.
Indeed, even before full-on cord-cutting was a thing, Tivo was (and still is, AFAIK) a thing, including speculative recording of content (i.e. it became more than just a digital version of a VCR).
There's evidence that this has been an evolution rather than a revolution.
It's about control over what you get to watch, when. No more waiting around for a particular time, no forgetting to set the DVR. This has always been a nuisance.