For a true alternative to YouTube to emerge, it would have to do something that both has broad appeal to many different types of people (not just schizos and nostalgiafags), but that is also different enough where people don't just see it as a rebranded YouTube clone.
You would need a fortune to keep it running. YouTube only exist because Google had deep pockets and enough lobby power to keep it independent from the copyright holders etc. (not to mention for normies, if you don't have an app in the two appstores your service doesn't exist.)
It certainly need to be different. Personally I would try to find a few niches for it instead of being the universal video platform. It is simply not economical for small people who have to abide by laws of having to be profitable to have a place where all the kids upload a million hours of minecraft let's plays nobody is watching.
When we look at other successful websites they usually either had a spin on the content or the format. For example tik-tok works with it's super short videos, twitch with livestreaming and pornhub with 3dpg porn. Youtube is only reaction to the first two and can't compete with the third because they need to be family friendly so they don't get regulated.
It certainly sounds like a good challenge. There are many angles the problem could be approached from.
As for alternatives to Youtube. It's really difficult since alternatives to YouTube almost always just brand themselves as some version of "Youtube, but without the censorship." Don't get me wrong, I use Odysee (and to a lesser extent Bitchute) for certain people who I can only watch there. But all it takes is looking at the average comments section on any Alt-Tube video to see why they don't have mainstream appeal. They are 90% filled with Schizos arguing with other schizos.
Normalfags have no reason to ever leave youtube. Like, they do enjoy it being bland. Same goes for the e-celebs, they just deal with Google's nonsense because that is where the money is. It's an unfortunate fact that people just follow authority.
One would need to find an alternative appeal than being light on censorship.
First of all, it's a reactionary positioning that always refer back to YouTube.
Second, it is setting up a situation where people are offensive, for offensiveness sake only to cry when they are moderated.
Third, the average internet goer doesn't care. They simply go to the place where everybody is going.
I think the whole politically based platform alternative is simply a bad idea, when the alternative side there have no resources at all. I am on the Schizo side of things, but I certainly wouldn't make a platform for them if I want to make a viable platform online.
The real question is... what online video related needs are not satisfied now? Would it be possible to train new consumers for online videos? Different mediums come with a different way to enjoy them. Who even would be the demographic that could be targeted? Even YT had it's start up phase of allowing everything so it's was full of Schizo content and piracy. You can always discard your growing audience for the stable one. That sounds cynical, but business is always cynical by nature.