if that were true, there’d be a Youtube competitor by now

then the bank could stop processing your payments because they don’t like your content

People use YouTube because YouTube pays them. You want to get paid without a middleman; you have to use cryptocurrency. The Fediverse hates crypto, so the Fediverse will never have a YouTube replacement.

IPFS is not free storage. Someone has to “pin” your video, where it then takes up space on their hard drive.