

That work at such a scale, with “popular” content creator being able to actually share their content, for free? No, not really. There are small scale initiatives, but you likely won’t find much of the mainstream people on them. And, depending on what you use, you won’t find much at all, because searching for content is a mess unless you are directly pointed to it from somewhere else.
There is a big issue with making up an alternative to youtube, at anything approaching the scale of youtube: it represents a lot of content, streamed from servers under strict time constraints, to many dozen/hundreds/thousands of people. With a centralized infrastructure that requires a lot of servers, spread over many places and many different networks. And these cost money. Using peer to peer at such a scale isn’t that great either, although with more popularity it could improve.
Existing large providers such as youtube can handle this because they have such a vast CDN available, which allows sending one copy of a video into a region once, then spreading it across multiple diffusers, who then have a reasonable load on them.
Nothing, no matter how bad, evil, terrible, treasonous, or ihumane, will destroy youtube. Except if they fail to honor a C&D from Disney.