I currently support Nebula. That was easy money to spend, unlike the prospect of giving YouTube anything.

Also - since they actually curate their content - there's less of it, and higher quality. Kinda speaks to some of both our points. If they had a policy of "free to all, after a while" (like a lot of patreon people do), they might well have attempted some kind of distributed hosting. Hard to say for sure, but a guy can dream.

Federated video streaming may not have all the questions answered right now, but people are already attempting it. I think the right optimizations, the right content, and the right audience will push it really far. And maybe it won't be "YouTube quality" for a while (or ever), but who needs 4k60 Minecraft/Fortnight lets-plays anyway?