That $119 price is pretty close to what you would pay with a bundle package: ~140 channels and internet. However, the appeal to cutting the cord is no contracts. I always felt trapped by my Cable providers and they would jack up my prices accordingly with no real rhyme or reason.
Cutting the cord, I can pay for PS VUE or Sling, just through football season and skip the haggling with the awful service reps at AT&T, Comcast, Directtv or Dish Network.