I think there’s a subset of YouTube who would much prefer the website without content from media conglomerates. Not sure if it could be profitable on its own though.
The only one that might work is if they charged a reasonable fee and only allowed people that had uploaded government issued IDs and accepted liability for their accounts. That might help sufficiently deter bad actors and reduce labor costs to sift through all the garbage.
That is completely ignoring the network effects of everyone being on YouTube. The profitability of an alternate website while YouTube still exists has nothing to do with the profitability of a YouTube without music.