The key point is video streaming products are not impaired because of high cost of bandwidth, that only YouTube can only afford because Google subsidizes it from other revenue. YouTube is profitable by itself, the combination of premium and ads is more than enough to pay for it.

It is hard to directly compete on long-form video because of audience and content depth advantage Google has with YouTube.

There are successful niche players who are fairly large (like Vimeo or Twitch or even OnlyFans) who focus on specific markets that don't require social network advantage like corporate or smaller segments etc.

For general purpose media, creators are going to focus on the platform with most audience and vice-versa, very hard to break that.