It is definitely true that an enormous part of YouTube's value is its ubiquity and the discoverability of content there. Absolutely. But the immense technical and financial challenges are a huge part of why it's such a Herculean task to build an alternative and survive long enough to provide value.
That is the problem the tech community needs to solve, not storage or bandwith, ways to distribute that is really a solved issue in several ways.
The problem for creators to move off of YouTube is the discoverability for an audience.