It's already been recreated (vevo, peertube, etc.) it's just that those services don't have anywhere near the content Youtube has.

The ad funded model is dying AKA endless free money is dying, it doesn't work because there's no real business there it works based on the empty promise of making money elsewhere on the products they are selling without any guarantee that the advertisement is what's making them the money. The analytics are starting to tell them that it's not as good of an investment as they once thought. Advertisement has become overvalued, that's why people are saying that there is a bubble and that it's going to burst, just like it happened before with the dotcom crash.

In other words a platform like YouTube is already very flawed. Sure you can make alternative video sharing platforms and you can get them by on donations (or maybe even nationalize it in some places) but that money making component for creators isn't something that can be as easily replicated. They can do sponsorships, they can ask for donations, but donations are hardly anything to live by unless you're famous, and sponsorships can have the same problem as the aforementioned over-inflated ad revenue.