I feel like people mistake YouTube for a video hosting solution.
But that’s not the point.
YouTube a huge archive of content that accumulated over the past 17 years.
YouTube is a content suggestion machine. Discoverability is a key aspect.
YouTube sets an incentive by allowing people to monetize their content.
…
So, if the only thing you’re looking for is a video hosting solution, then, yes, PeerTube might be an alternative. In the same way uploading videos to your own webspace would be, and Vimeo also still exists.
But for all the other stuff, YT is, unfortunately, unmatched, and probably will be for a while …