You essentially need to see the license fee as a type of tax, rather than a license to watch BBC content. In order to watch any live TV channels you are required to have a TV license.
If the situation arose where the BBC had their funding pulled and had to become a commercial operation, something else will likely exist as a replacement to the TV license, which would either just be a proper type of tax that went straight to the government, or more likely a tax that was split between all of the public service broadcasters, rather than it just purely funding the BBC.
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