It is possible to have a Youtube like this. Its also possible to have a Youtube that allows porn, or a Youtube that exclusively hosts videos from large media companies because its too risky to allow random people to upload any of these things.
All of these are possibilities. Some of them are more likely than others. But you want to know the least likely possibility? The one with chances so unrealistically impossible that it practically will not happen? Its the possibility that Moderation will land on the point in the Gray Area that you believe is Fair.
Why is that? Its because everyone's point is different, and its insanely difficult to even define that point during day-to-day enforcement. So, Youtube, serving millions of users, having thousands of humans and millions of lines of code running enforcement, will continually become more conservative. Someone is outraged? Ban it. An advertiser is outraged? Oh damn, make a policy. Making a policy is easy. Reverting is is very difficult. At its very foundations this is why the world gets more and more conservative over time.
This is why freedom of speech is such an important thing. The first, best option is to find a gray area that is perfect for everyone... which is impossible. The second best option is to allow anything. Anything is better than nothing, and its also probably better than the conservative, whitewashed world that we're headed toward.
But, then again; they can run their platform however they want. And most people think they should ban violence... and self-harm... and suicide... and directions for making explosives... and hacking? Well, maybe there is somewhere they should stop. No one ever said it was easy. Or that allowing everything is the right move for them. But, the reality is, if they keep changing the rules, then the rules will eventually slide toward gross conservatism. That's the future of the platform. And next decade, a new platform will replace them, and the same thing will happen to them. Freedom of speech isn't necessary in private platforms like this; generally speaking, given enough time, the markets will take care of it.