It's an interesting thought. I rather like the idea as the different political kinks of the big companies are rather obvious. You'd still have the problem of moderation in terms of various types of pornography (country specific), automated cruft/spam and the edge conditions of various degrees of violence in videos. Of course, Usenet seemed to manage just fine.
Maybe the problem is that a system like youtube or Facebook is monolithic. Placing responsibility in one groups' lap can't be a healthy thing in the long run. That, and people shouldn't get so triggered by what they see on a little screen.