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People pay streamers directly through subscriptions rather than through a cable company. In that sense it is absolutely decentralized.You can call Amazon/twitch involvement in it as a counterpoint to my decentralized point but if you compare it to traditional entertainment, it's still far more decentralized. Twitch is not the only streaming platform now. They are still the biggest but there are a lot of successful streamers on YouTube and TikTok.
Also twitch has been paying out less and less to creators that a lot of streamers' revenue stream is outside of that platform, be it individual donation sites that twitch gets no cut of, or merch sales from a storefront of the streamers' own choosing. So it definitely has been way more decentralized than it was.