That’s the point I guess. They are just catching up, not really making leaps.
On the other hand, Video to google is much less relevant than text. But if OpenAI figuring out something from it to AGI, that would be a different story.
Creating realistic video isn't hard even today, you can just do it on your phone and creating hours, hours of cat/dog videos. The hard part is to find a story to make it interesting. It could be possible in the future, like automatic film making, from script to realization, but that doesn't make YouTube's business go away either.
If those videos aren't hosted on YouTube.
But this time, Google is finally showing their war face instead of not trying hard to compete against Microsoft and OpenAI.