But you can do exactly that on your own website, and for some reason we don't have an epidemic of bait-and-switch blogs. Why would it be different on YouTube?
YouTube tracks views and other popularity / credibility statistics for videos. Your personal blog doesn't -- it's even easier to just put up "My Newest Vlog!" with a little number claiming to have 100,000 views. Why would you need to do a bait-and-switch?
> for some reason we don't have an epidemic of bait-and-switch blogs
I've seen a number of social network groups being sold for their audiences and then rebranded to sell questionable things. I've even seen something similar done to some YouTube channel I once subscribed to: its owner (new or not, can't really tell this time) changed its name/images/whatever, removed all the videos and started publishing things that I never wanted to be in my feed. Things will only get worse the moment YouTube allows to change videos under the same URL.
I'm led to believe this is also common on Reddit; someone (or a bot) will repost to karma farm, then the account with high karma is sold off. I'm not sure how much there is to gain from that since you don't see users' karma unless you specifically view their profile.