I wonder if this is about ending the "loudness war", or if it's more about helping amateur content with nearly inaudible levels. All the good reasons for compressing music or audio in general certainly apply to YouTube. The average viewer will probably listen through laptop speakers in a noisy environment, and a large dynamic range is not helpful to them. Also, does this mean they actually lower the volume of high RM…
Compressing music (in the loudness sense) at the source is never a good thing for the consumer; if it is required for a specific end user case then it should be done at that point rather than ruin music for every use case.
I don't buy for a second that it's necessary or helpful with the music that it is done to; which rarely has quiet passages. Compare the two masterings of Pharrell's "happy" I posted, the less compressed version sounds far better even on my 11" laptop's speakers, which should be pretty much 'as bad as it gets'.