Yes, Google can create a infinite scalable image hosting overnight, but creating a community is a lot harder.
Is PBase free?
Even if you throw in some machine learning to figure out if the user's looking at memes or gifs or porn, I can't imagine the marginal value of that data being of use to Google. It's essentially unmonetizable, which is why most image hosts disappear after a few years.
Imgur was successful in avoiding that fate by pivoting to a community, but that community would be of no use to someone like Google.
Also, google has now had success building photo sites / photo products, but at the time of the youtube purchase, hadn't had much success building a video product.
So, sure, anyway halfway competent developer could bang out a YouTube (or Facebook, etc) prototype in a few weeks, but going from there to a reliable, usable service at scale is something else altogether.
You're going to need some project managers, SREs, sysadmins, front and back end web developers, programmers who know about video encoding, content experts, lawyers, etc...
So not at all unless you change what having a monopoly is.