When I was on Twitch streaming the ad revenue just wasn't worth it as most of our people were running ad blockers anyway. We also didn't like showing ads. So we just didn't make money as I really wasn't trying to make a living on it anyway. But some of my friends from that community had a lot of subs and I am sure if I put it on we would have had a bunch as we had some dedicated fans. I just didn't like pandering. Unfortunately this is going to become a thing on YT now, but it is nice to provide support other than ads.
I guess your point stands about it being a donation, more for dedicated fans that want to support their favourite creators. But I feel like there are plenty of people with similar opinions to mine and the parent poster - I'd happily pay a similar price to a Netflix/Spotify subscription to YouTube, if the money was going towards creators of good content. But I'm not as interested in giving £5/month to specific channels.
Of course, almost all decent creators have Patreons these days, so I should probably go and put my money where my mouth is...
I feel like YouTube is trying too hard to protect their brand here by forcing people into a cookie cutter subscription model, rather than letting them accept support on the creators own terms.