There's peertube and Pixelfed and someone was working on an activitypub version of Instagram, but really it's like Pixelfed but more ergonomic for video.
So the next stage, ideally, would be everyone kinda sharing hosting responsibilities, and if you like a creator, you just follow them. This has the benefit of possibly caching/mirroring all the videos, too. My Fediverse server was chewing through disk, one of the reasons I shut it down - but I was following 1400 news and journalist accounts, plus my ~100 or so gang of idiots. I was nearing 1TB on disk after about 16 months on my essentially single user instance.
I exported my follows and moved to an acquaintance's server and imported, the owner doesn't even blink. Who knows what they've got going for storage.
Anyhow if you don't need to follow 1500 people, this becomes tractable. If it gets popular, someone will post how to cron the multimedia stuff to compress it as it ages, moving it to cold storage, whatever.