So YouTube is setting environment variables for people who don't do shell quoting. Next they can add "&reboot" to all their URLs.
$ youtube-dl https://www.youtube.com/watch?v=dQw4w9WgXcQ&pp=sAQA
In this case, bash would interpret it as "run youtube-dl in the background with the parameter 'https://www.youtube.com/watch?v=dQw4w9WgXcQ', then execute the command 'pp=sAQA' to set the 'pp' variable".
The comment is joking that if YouTube decided to replace "pp=sAWA" with "reboot", they could get a lot of people to accidentally reboot their machines instead because they didn't quote the URL.
sets a shell variable, not an environment variable. The value of $foo will not be available to shell-forked processes.