Creating an account per node is federation working as intended. The idea is that this is then your identity across the network, the same way that you create an email address with an email provider that then lets you send email to users using other email providers. Each node should then network with other nodes to provide its users access to videos from nodes it trusts (same as Mastodon does - you don't have to be on the same node as a user you follow as long as your node networks with their node). The trust model is centered around your trust of the admin of a particular node, which brings a more human scale to the tech (particularly as compared to something like YouTube).
Federation is coming back into vogue particularly now as a reaction to the Facebook/Google problem where a single entity collects all the data about all users of the platform and can unilaterally ban a user with no recourse. In a federated network a node decides what other nodes it federates with and so self-regulates. But email is an example of federated technology everyone uses.