Yea, having a competitor to youtube seem near impossible. The only reason youtube survived was because Google bought them, who was able to provide them with the insane resources required for a video hosting platform. Similar to Twitch being bought by Amazon, which has AWS.

There’s https://sepiasearch.org/ for global video search. It’s a search engine, run by the developers, that indexes every approved instance. So if you’re only interested in watching videos (and don’t mind searching for them), then it’s even easier than other Fediverse services, because you have one central place you can go to for all your videos.