Standard TV seems increasingly like a dying model. They've been forcing us to "bundle" channels for years, paying for content we don't want. It's virtually impossible to only get HBO if you just want to watch Game of Thrones, or only Comedy Central if you just want to watch The Daily Show and The Colbert Report (thankfully those are available independently through Comedy Central, at least for now.) In a digital age, there's no good consumer-side excuse for that- and if legal means of getting the content we want aren't available, well, the obvious alternative is clearly attractive to an awful lot of people.
Killing Hulu would be shooting itself in the foot in more ways than are immediately obvious, in other words.