Just because you could doesn't mean it's feasible from a financial point of view.
A real problem would be the usually long wait.
However, taking into account several more circumstances, either side might not be keen on a court case, and thus provide to avoid it. That hinges on morals and technical details.
The problem with copyright's blurry edges around the originality threshold hasn't changed at least. The Olympics organisation is famous for suing, and loosing often enough, over its trademarks, for example.
> take on a major media company in court
In court or outside? And why the media companies? Laws can be repealed by supreme courts on constitutional grounds. That's an even bigger judicial hurdle to consider. If lobbying or legislative orders are involved, it would be a superset of the problem, as the court is to an extend bound by the lawgivers interpretation of the law, disregarding any side effects that are implementation specific. That's the undefined behaviour of the law. The service nulled all your bits after you passed ownership? The content wasn't registered initially and you assumed it was licensed to null? Ohohoho, none of those side-effects were mandated.
So yes, its still an invalid flag, but if you want your video up again, you have to sue somebody who is probably in another country