From the article:
Moving to the Fediverse
This tension between these communities and their host have, again, fueled more interest in the Fediverse as a decentralized refuge. A social network built on an open protocol can afford some host-agnosticism, and allow communities to persist even if individual hosts fail or start to abuse their power. Unfortunately, discussions of Reddit-like fediverse services Lemmy and Kbin on Reddit were colored by paranoia after the company banned users and subreddits related to these projects (reportedly due to “spam”). While these accounts and subreddits have been reinstated, the potential for censorship around such projects has made a Reddit exodus feel more urgently necessary, as we saw last fall when Twitter cracked down on discussions of its Fediverse-alternative, Mastodon.
Decentralised social media for videos would be much harder because of the storage considerations.
^^ This (although storage is not the only issue.) If you ever used PeerTube you can tell that it's not a very good experience.
streaming torrents is a thing as far as i know, so that may be an option (although rarely viewed videos would vanish if no one is dedicated to seed them).
It's already being done with PeerTube but I believe there are some issues with that platform.