That's what PeerTube is supposed to be for. You can set up a PeerTube host yourself. Or there are some public PeerTube hosts that accept uploads. When people are watching your videos, the ones with good bandwidth are also hosting them for other users. The hosting site is just handling the original copy and coordinating the peers. (This isn't like Bittorrent; hosting is centralized but playout is distributed. When no one is watching, the only copy is on the original server.)
PeerTube really should be popular like WordPress, for self-hosted content. But it's not. Neither Google nor Bing indexes PeerTube sites, so there's no discovery. Few PeerTube videos have more than a handful of viewers. I use PeerTube for technical videos, to keep them ad-free, and it works fine for that low-volume application.
Here's the Blender 4.2 showcase reel on PeerTube.[1] It's a good demo. Will it overload if watched by many HN users? Please try.
While I was digging up an additional link, it appears Cloudflare R2 allows no egress fees.
https://www.cloudflare.com/developer-platform/r2/
10GB free to host, no egress fees.
Combined with a cloudflare worker, it seems reasonable that the object storage could be managed.
That's not search engines discriminating against it in this case.
In this case you’re already paying for storage so egress is free.
A 10 gig fibre connection is another way to start.
The internet always costs someone.
This works well only if many of the watchers have significant upload bandwidth and aren't behind firewalls that prevent them from outputting blocks of video.
This is different from torrent-type systems or Usenet, which distribute persistent copies. With Peertube, only the original server permanently hosts the video. Everybody else is just caching. So the disk usage of watchers isn't that big.
It's all done in the browser.