That is very true but the resources required to host all the video that YouTube has is a bar set so high that it would take billion dollar + companies to attempt to overtake it.
Doing a service that is block chain based where people give up bandwidth / store space to host other people's stuff is pretty intensive as well. In the future 10 years from now maybe but right now it is so much data to push with our current Internet connections...etc.
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Not everyone has to be a seed in a p2p network. But those with fast connections on fiber in the city, they will benefit the community the most as it grows. That is totally doable.
It will cost one way or another. Google has taken an overall loss on YouTube and it was a very long term play. Individuals will need to be compensated to harness the burden of the network. And when people are uploading 250GB 4K files...... eeeeekkkkkk
It is doable..... but it won't be easy.