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The state of the internet 2023
(media.kbin.social)
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this post was submitted on 25 Jul 2023
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It's called PeerTube, which is Fediverse/ActivityPub service for video.
The problem is that with video there's a larger separation between users and content creators. Services like Mastodon and Lemmy can grow just from users switching to them because users themselves also post the content, but PeerTube isn't going to grow until the people making videos start posting them there.
Arguably the bigger problem is the sheer volume of video data. Any even slightly successful independent YouTube clone will be wiped out by the hosting costs.
You're neglecting the fact that fediverse tube instances can't possibly take the load and the volume of videos being uploaded on YT. That is why almost none of them have open registrations, only admin approved registrations (you apply, than the admin chooses whether to approve or deny your application).