If you go back to the beginning, even back to the BUD days, many people were perfectly happy to get network TV from alternative sources. People just lied and the dish companies allowed them to get other place's locals and nobody cared. This went on for over a decade until Big Media, via the NAB, finally put its foot down, via the courts. DISH, especially, was recalcitrant in complying with court orders. This is where all the "local into local" spot beam spending came from. Because there are people who can't get TV OTA.
Really the only difference in a local station and just a feed of the network is local news and regionalized football (and CBS would have to regionalize the football it delivers to FUBO, because the streaming rights to games not shown locally don't belong to them). That is really it.
So local news. Nielsen tightly guards local ratings, but one article I did find said that, nationwide the morning local news gets about 2.4M all added together, the evening news gets about 4.1M, and the late news gets about 4.0M. That seems low, but lets double it for argument's sake. That is still just a handful of people, really. One must conclude that everyone else doesn't really care about the local news and they could fill the slot with Andy Griffith reruns for all they care.
But what genius signed a deal with CBS that lets CBS go around the affiliates and sell directly to a provider? This totally changes the retransmission extortion game completely.