Why do soap operas still look like that?

I was at the dentist and saw a soap opera on tv for the first time in many years, decades even!

It still had a very low budget look, despite nowadays it being possible to make much better quality looking film with almost no budget.

I'm watching a super low budget series on Tubi right now and the lighting, camera work, angles, and editing are much more involved, even though I can be sure this is extremely low budget too.

So why do soap operas still look like this? Is it just because it makes them look like a soap opera?