There have been plenty of attempts. The problem is the high barrier to entry. Hosting videos costs a lot and you need a lot of content to keep viewers engaged/paying. If you go the advertizing route, companies don't really want to invest time and money into a platform that doesn't have a wide enough userbase. The only reason why YouTube worked like this is the silly amount of money Google was willing to sink into it.

There is something to be said about more specialized sites like Nebula, but I, for example, canceled my subscription there because the focus was too narrow.