I think the biggest effect of this is going to be that a lot of creators are about to lose a lot of money that they were generating from sponsorships: whether above or below the table.
But most will slowly migrate to other platforms due to uncertainty (users and advertisers), though it remains to be seen exactly to where.
Maybe Snap? YT Shorts is bad, as are most other “shorts as a feature” platforms where discovery UX is terrible.
Just speculation for the time being as we need to see what ByteDance decides to do. Can’t recall the exact article but I think they do plan to fight this decision.