Completely agree. No one should be scared of Apple when it comes to content creation. The Big 3 of Netflix, Hulu, and Amazon are well established streaming options that have been doing this a loooong time. Based on what Apple has to offer, there's no way I'd pay $10 per month for their service. I don't see them disrupting the streaming industry. Disney's $6.99 plan is a far, far better option. They are the ones the other providers should be concerned about.
I don't know if Apple will succeed or fail in this endeavor.
However, yes, they should be scared. Apple has tapped some pretty BIG names for creating content.
Will all of it be good or great? Probably not. Apple will probably have some stinkers in the bunch, as well as multiple quality shows that won't find an audience, much like every TV network or streaming service has experienced.
I find multiple shows being developed for Apple TV+ to be intriguing, but I personally find $9.99 to be too high for starting out with so little content, even if they add catalog content from A24 or a spattering from various studios.
I personally couldn't justify the cost of HBO Now, but some people do.
Just because you do not find value in Apple TV+ at this time, does not mean you won't find value in the service two years from now. Remember, the service hasn't even launched yet.