I would name PeerTube the project and the various PeerTube instances various organizations are running (like for example https://vhsky.cz/) as a good Youtube alternative.
Sure, you might not have all the media on one big convenient pile like on Youtube, but that is kinda the point (with no single pile owner there is no single entity that decideds what goes on the pile or not).
This can only be a fair alternative if a single search can transparently query all instances (an implicit requirement for most users), and there's also an easy, instance-transparent, preferably free way to upload content (requirement for most creators). Once one has the question "which instance should I search/create my account on?", it will be considered a failure.
Sure, you might not have all the media on one big convenient pile like on Youtube, but that is kinda the point (with no single pile owner there is no single entity that decideds what goes on the pile or not).