Earlier quoted context omitted.
A competitor who finds a way to deal with copyright better, has a sane advertising policy that doesn't randomly demonetizes people, with a patreon system built in, and has a modern UI (YouTube has a lot of room for improvement) it could possibly compete with YouTube. A whole lot of major YouTube channels who are constantly attacked by false copyright claims or have to push product placements due to no ads would love…
It's a chicken and egg problem: users won't switch platforms until their favorite creators switch over, and the creators won't switch over if nobody's there to watch their videos.
The chicken problem is more about the ad buyers and the users, not creators. The patreon system scales better this way but the ads are what holds most back.
I know quite a few YouTube channels who tried pushing one of those awful decentralized versions of YouTube that look like Chinese knockoffs when the either the demonetization and copyright stuff bit them hard and threatened (or simply ruined) years of their hard work, but there was never a proper alternative to offer. I'm sure they'd love a legitimate alternative designed by top tier designers and developers for once.
Otherwise the creators will have no financial incentive to route users to another platform. Which is a far higher problem than not having enough other people commenting on the same video as other users.