The other day I stumbled upon this project: https://github.com/Chocobozzz/PeerTube It's a federated tube that uses ActivityPub and WebTorrent. I think this platform should be invested in and creators should consider moving. The interests of YouTube and its creators will never be entirely aligned.
That's a cool project. However, to make videos with quality content at a reasonable frequency, many of these creators depend on YouTube for income or at least partial income. Any P2P / federated service would have to find an agreeable way to A) send ads in a safe and private way to each viewer B) stop people from manipulating the system to game ads while accurately determining if an ad was viewed.
To clarify: I don't believe the set of people willing to adopt a FOSS distributed peer-to-peer video streaming platform and the set of people who believe advertising to be tolerable would likely overlap enough to provide a better or more stable market than the existing web already provides. And advertising on the web is already breaking down and likely doomed to fail as a concept.