One perspective is thinking about what would happen if YouTube is a separate entity from Alphabet/Google and more importantly adsense and search.

I think a lot of people that turned a hobby into a full time content creator job on YouTube will find themselves with much less ad revenue. Adsense is going to start charging a third-party company for services, which YouTube would be at that point, and those costs are likely to eat into any adsense revenue creators make, across the board.

There would also be the question of what search will power YouTube and if that can be physically separated from Google. There are likely economies of scale with how Google organizes data for search behind the curtain. That could be lost and increase YT operational costs or be another service YT needs to purchase.