The only problem with peertube is the lack of monetisation for creators. In fact creators are more likely to have to donate to keep the platform up, especially considering it has not ads. Meaning it’s kind of the exact opposite of YouTube

The only way for it to work even remotely like YouTube would be some kind of donation revenue split - any excess revenue not used to keep the platform going goes to the creators of the videos.*

I guarantee with a video platform like that the amount creators could potentially not get much if not anything, as hosting videos is often a few times more expensive than hosting even just pictures.

Peertube only really makes sense as a self hosted archive, just in case you get banned off YouTube or want to archive your streams. That or a platform for not-for-profits to post their video content.