The issue with YouTube in recent years, is that it's been treating its content creators and viewers as "product" and the advertisers as the users. YouTube has been pandering to executives in media and their particular thought bubbles while throwing users and content creators under the bus. (Or doing things specifically to increase centralized control for the sake of pandering to advertisers, to the detriment of users and content creators.)
Pornhub could well do better. (Or they could repeat the same mistakes.)
Advertisers don't want their brand associated with content they find questionable. They pulled their advertising or at least threatened to. This lead to the "Adpocalypse".
A lot of creators argue that content is unfairly or incorrectly demonetized. That's an area where a competitor could improve. The competitor would still have to deal with the fact that advertisers are sitting on the money and want a say in how their ads are showing up.