Peertube is trying. There are a bunch of different servers with some interesting content.
Some is the keyword here. As you say youtube's huge library is a hard thing to compete with. Still I've found some good content there and I make it a point to look at peertube first to reward those who are there with my eyes.
>>bluGil+(OP)
I wish PeerTube had a "flagship" instance like mastodon.social [0] for Mastodon or lemmy.world [1] for Lemmy. The lack of a generalist instance with open sign-ups hinders the adoption.