So the amount of up front investment required for something on an infrastructure level is massive. It’s the type of thing that really needs to be centralized, because it isn’t just storage. It’s massive amounts of bandwidth, a distributed content distribution network close to your end users(which is even harder on a global scale).
Don’t get me wrong I don’t think the purely profit driven nature of YouTube is healthy at all. It’s an active detriment. But it’s hard to think of another practical way that isn’t hellaciously expensive.