If you don't need distribution then sure host it on S3, or Vimeo, or anywhere really. If you need distribution, you're going have to find it somewhere and Youtube is a great place for that.
Or you could build up an audience on some other network (email, facebook, twitter) so that you could then get an audience for your video, oh and also think of a business model where you can make money off of said video using that audience. Which many people do and make plenty of money off of.
Making the content (typing on a keyboard) is not nearly as difficult as getting distribution for that content.
