I would love to use it more, but there is just nothing on there to watch except for a few channels that just mirror a YouTube channel, or niche FOSS content.

I use it from time to time. The tech is getting better.
But it's very hard to find anything interesting on it.
They REALLY need to focus on implementing content filter and discovery tools.
Right now it's a lot noise and reposted videos. The search function doesn't work at all.

I think the platform could be viable with a decent, verbatim search function; a tag-based browsing system, and the ability to visualize the federated instances and browse any of them as local.

It's still possible to find interesting videos by browsing an instance focused on a specific interested as local.

I migrated some videos I had on YouTube to PeerTube last year. But apart from that, I use it less time than I would like to.

Me. I just only use it to send memes over here.

I have never had any success in using it the same way you'd often use YouTube, by going to the front page and looking for content.

However, after a few years on Mastodon, I have often found myself watching videos from Peertube that popped up in my feed. As the speed of the stream depends on the capacity of the host instance of Peertube, I would often encounter performance issues when watching Peertube videos a few years ago, but the last year or so it has been nothing but great.

And since it's the Fediverse, you could follow for example @blender and have all their future videos show up directly in the feed of whatever platform you're on. :)