YouTube has an ace up its sleeve:
It shares revenue 50-50 (roughly) with creators. And considering the server costs and promotional benefit, that 50% cut is very fairly priced.
Facebook, Twitter/X, Reddit, etc. never shared revenue with creators. And that makes them easily replaceable. But Google wisely made YouTube and video creators financially reliant on one another. And that makes it difficult for something like PeerTube to pop up in a way Mastadon has.