Sat doesn't have a very good way to do this. The end user would have to have their STB on HSI. So there is still a middle man with that. if they did it with an MSO it would turn out better. Or even a DSL ISP. I could see an MSO or Indie ISP wanting to partner.
I suppose you mean Netflix should partner with a satellite broadband provider (since the high[er] latency should be mostly irrelevant)... yeah, works in theory (but what's the max # of users that could be streaming [HD] concurrently?).