It's not just about FOMO though. It's also about ease-of-use and the services that are available where you are located.I think traditional pay TV providers created a powerful sense of FOMO.
It's a lot easier, especially for elderly people or those not technologically-inclined, to pick up a remote control, press the power button, and just scroll through a guide to pick the channel they want, in comparison to having to boot up a computer and load a website/app, or figure out how to navigate the menus of a Roku or something in order to stream a channel online.
On top of that, one of the reasons why I need satellite myself for example is because I live in a rural area. My ISP has a monthly bandwidth cap before slowing down my speed to a crawl, and I would easily break that cap by watching shows and movies in 1080p. Having satellite TV separates that usage from my typical internet activities like online gaming, so I don't need to worry about exceeding my bandwidth limit, or having my internet speed drop due to TVs in the house streaming shows at the same time I'm doing other stuff online.
I'm sure many other people are in the same boat, and until we get to a point where everyone, everywhere has access to a high-speed internet connection without any bandwidth limits, it ends up becoming really frustrating when certain companies lock their programs behind internet paywalls. It should be that people get priority access to those shows on SVOD services, but then a few months later, the shows actually end up premiering on network TV. That would make more sense.