The TV has two channels, one for the puzzle and the other for the pilot. This easter egg is often shrugged off since it's played on the TV on the second floor, which also gives a clue to one of the house's puzzles. However, if you were too busy solving puzzles in Peterson's house, you might've missed the abridged version of the Pilot episode that has made its way in-game. In fact, a Hello Neighbor TV show was well on its way to release until the project was scrapped a couple of years back with only a pilot episode released. Hello Neighbor could've made for an exciting TV show similar to Gravity Falls, minus the fantasy aspect.
