Ask HN: Can a social web app be too simple?

Not if you have a compelling use case.

Is there anything more to YouTube than "Users can create and view content, as well as interact with other users and their content"?

suppose so, maybe then the question becomes "is the product compelling enough"?

That's a much better question for you to focus on. Or better yet, to ask some customers about.

Some of the best services are the simplest. Most times over thinking and over engineering leads to unneeded complexity and ultimately failure.

I think you can do away with content. Think of sites like chatroulette, omegle and their ilk.