The principle of legality (Article 5 GDPR) says that processing of personal data is prohibited unless there's a legal basis in Article 6. The Netflix privacy policy just doesn't state what the legal basis is. Does anyone know what it is and where it is?
The subscription is a contract and represents the legal basis for collecting your data. Or, in other words, if you don't reveal your data, then no contract can come about.
Please read Article 5 GDPR again, you obviously did not understand what this is about.
There's nothing to be said about a ban. It says that the processing of the data must be lawful.
Article 6, section 1) and 2) apply to Netflix (consent & contractual relationship)