If the goal is just to host a few videos on your own site and eat the bandwidth costs: That is a solved problem with much lighter weight solutions.
If the goal is to host videos for other people? Well… think about why someone wouldn’t be able to use youtube or any of the fly by night “totally not just for revenge porn and gorn” (Liveleak sure was a thing) and what that means for liability. Also, that is a REAL good way to get massive hosting costs or to get put into a different tier for home internet (for a box in the closet).
At most I can see it useful for the really sketchy sites. Sort of like how most of the chud twitters are actually a mastodon instance under the hood.
Well, I guess I could see it having more widespread usage as various creators try to get away from youtube. Has shades of “what kind of content can’t be on youtube?” but Ian McCollum/Gun Jesus and a few of the more “educational” firearms youtubes have made their own site that could potentially be a skin on this. Linus Media Group tried to make floatplane a thing, but I think they rolled their own tech. And Nebula/Curiosity Stream are similar but are also (I think?) home rolled.
But I could see a world where a couple youtubers try to spin off their own subscription gated site that could run on peertube. But… that means nothing to me as a user/enthusiast.