I agree.
I took my family on a trip to Orlando last summer and spent 2 weeks between Disney and Universal.
In addition to the premium ride experience (pretty much every ride is heavily themed and designed and is considered world class), the IP is really what sets them apart.
I can admit we spent a lot of money in the shops for all of exclusive items. Harry Potter, Super Mario, How to Train Your Dragon… Star Wars, Stitch, Toy Story…
It’s really hard to beat that. And then you toss in that these parks are in geographical locations that allow them to stay open year round…