Yeah, but if it had a Blu-ray drive and a TV tuner you'd not get bored enough to go buy something to watch via the iTunes store. Why on earth would anyone want to watch a Blu-ray when then can download lesser quality digital copies of the same content via Apple?
Not to mention Apple are saving "you" an absolute fortune by not having to buy Blu-ray licensing for their produccts. If they did pay the licensing fees then their profit margins would plummit to less than 80%

No, hang on, they could just add £5 onto the cost of a Mac Mini and let the consumer decide for themselves as to whether or not the licensing is extortionate

Remember, Apple do this on your behalf and not because Blu-rays are seen as competition to the iTunes store
Apple did once upon a time supply Macs with inbuilt TV tuners and intended those machines as home media centres. They didn't sell very well though, mainly because a similar Windows Media box would cost you one third the price f Apple's offering. I find the lack of Blu-ray licensing more troublesome than the absence of a TV tuner. There are plenty of external TV tuners available for Macs that function without issue and usually with the inclusion of PVR software. The lack of BD licensing doesn't stop you using an external BD drive, but it does make it difficult to play back commercial Blu-ray titles via such external drives. You end up paying over the odds for software that avoids/circumvents the licensing requirements and plays the titles, but you don't get menus or many of the BD Live features now associated with the media. So thanks Apple for saving me £5 so I can go spend £60 - 300 on a BD friendly Mac media player to view Blu-rays films with on my £1500 Mac that purportedly rewards you with an 80% profit margin
While I'm at it. Shame on all you Mini users who were using Front Row rather than buying an Apple TV

You forced Apple to have to remove Front Row entirely. You should all be ashamed of yourselves and you give Mac users a bad name