I like PeerTube, but the really important part of the puzzle is the advertiser network. What makes YouTube special is that Google takes care of the advertising side of things and makes it easy for people to monetise. If Silicon Valley continues to drift into ideological activism, at some point a hugely profitable opportunity to set up a new advertising network develops.
There already are other networks. There's AppNexus in New York for one. I don't know if they are as strict with their requirements as Google. https://en.wikipedia.org/wiki/AppNexus
The technology behind the fediverse is an important brick, so PeerTube 3 is interesting. But the house will only be liveable when someone figures out how companies like AppNexus integrate profitably and successfully into the fediverse.