Individuals have a lot of sway in Hollywood. It's all star power. Money and talent flock to the stars, and by stars I include producers, writers and directors in addition to actors and actresses. They make money and are prestigious to work with, especially if the movie is successful. In addition to individual behavior there are also the various unions like the Writers Guild of America, the Screen Actors Guild, the Directors Guild of America and organizations like the MPAA and AMPAS and in television ATAS which all wield considerable influence and money. Though it is TV and not movies, Netflix succeeded because it played by their rules.
You can't just disrupt this because it's more than wealth, it's a culture that has been around many generations now and created film making what it is today. There's an incredible gravitational well that sucks all the incredible skill and talent found in the world right into Hollywood. It's not going anywhere.
You could argue its all 'star power' in the valley too, money and talent do seem to follow people who have a couple of big exits on their resume. One of the differences though is the artistic element. Engineering startups is an 'art' but it isn't the kind that brings out the 'artist temperament' as some refer to it.
I don't have enough real knowledge about how that gets done so I can't really say if such a thing could happen, but I do see a lot of similarities between Bay Area culture and So Cal culture which are both warped a bit by their respective economic engines.
You can't just disrupt this because it's more than wealth, it's a culture that has been around many generations now and created film making what it is today. There's an incredible gravitational well that sucks all the incredible skill and talent found in the world right into Hollywood. It's not going anywhere.