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YouTube at least has the advantage of being really fucking hard to replace by an independent third party. Whereas Reddit is an extremely easy formula to copy and requires minimal server costs.
I mean, floatplane is pretty much there.
Not to mention peertube, which, well, isnt there, but could get there.
Nether of those can replace youtube
Floatplane is nowhere near close. Floatplane is only good for established creators with dedicated fanbases who are willing to pay, although admittedly it is really good for that. There are ways FP could start to encroach on YT but its still a long way off.
YouTube's monetization is so hard to replicate on a less-trafficked website, and it's their sheer volume of traffic + monetization which allows a lot of the content creators on youtube to exist. I actually think it's a great example of a regulated market and one of the best mainstream platforms that has everything from the most mainstream to the most niche content.