If you stream movies from sites like 123movies, they play a similar obfuscation game but are moving towards your hypothetical.
While many players, despite deeply nested html, still point directly to where the content is hosted (ex, a file on openload.co), an increasing number take your mentioned approach and load the content as a blob so folks won't bypass their ads.
IIRC you can directly download a blob from the blob internals page; I think you can also see them somewhere in the developer console, and I've got a bookmarklet that allows feeding a blob URI into it for download.
While many players, despite deeply nested html, still point directly to where the content is hosted (ex, a file on openload.co), an increasing number take your mentioned approach and load the content as a blob so folks won't bypass their ads.