Decentralizing won't be possible because Google won't allow for that to happen. I would say that what we need is a strong rival service for Youtube. Twich maybe or Vimeo? Its always good if there is a strong competition in the business but so far all the others are no where near Youtube.
YouTube is a huge mixed bag. There are tons of shit that I hate about it. The comment sections (no way to filter out the trolls). Postcounts, rankings, any system by which to roughly kick out all the trolls from the comments that you read.
The rating system is binary, more fit for machines than humans. No way to make groups, so that people in a group can do their own rating.
Totally sells it's content creator's butt-cheeks to corporations in any case of dispute (guilty until proven innocent if you're not a corporation) with the copyright system.
However it is the king.
People can (and some do) use torrents as well to spread their video clips. The number however is paltry because there is no platform.
Torrents are seen by the corporations and the authorities as evil, child-killing, pirating technology so perhaps that witch-hunt is partly to blame. Or perhaps the lack of systems to fund making the videos due to difficulties in receiving funds from the audience.