I have long thought Netflix should offer such a service. Have a sitcom channel that plays constantly from a slowly evolving list. Even better if I could just pick say Seinfeld and get random episodes from an episodic show. I do not want to have to expend energy picking a season+episode, just trying to decompress.
On the radio side, XM radio has a lot of channels like this. A 70s channel, 80s, 90s, 2000s, 10s, etc.
A lot of black-market IPTV services (the kind with "30 000" channels") will have dedicated channels. A Simpsons channel, etc. where you just get whatever episode it's currently playing.