That private youtube already exists by the way. It's called Nebula and its a project by popular yt creators.
What I really want is the public square back. I want the ad hoc instructional videos etc. I know people will do this stuff for free, because that's just what people are like and everyone has a camera these days. I don't need or want super high res "4K" or whatever. I watch YouTube in 720p and always have. What I'd love is a P2P distributed media platform with curated communities. One can dream, right?