The key contributor to Hollywood's waning influence is the generation gap; it's a cultural institution that is supposed to be culturally salient. Take the Mandalorian movie as an example; the biggest studio using the biggest IP to spend $300M on a movie... which lost $100M. That movie was competing at the box office at the same time with Obsession, which was made for $750k by a young Youtuber has made over half a billion worldwide.
As of today Ellison has an extraordinary amount of greenlight authority in an industry whose decision-makers are overwhelmingly a generation older. He can shake things up if he wants to, and I hope he does.
Who do you think he has more in common with? An average consumer his own age, or adult members of any age from the elite class that hes likely spent most of his time around?