Imagine a p2p youtube and without spam videos did you like the idea?
And how exactly are we planning to pay for the hosting services and the daily maintenance ? Truly,it can never be decentralised.There has to be a middleman involved to do all the technical stuff that is again generating a revenue model to keep the business up.Moreover,people will start claiming rights for the stolen videos.Like leaked movie trailer goes on your website,you have a lawsuit to take your website down as it promotes privacy.
You should take a look at Lbry. How the hosting work is, you host what you download it's kinda like how torrent work. And the revenue, a content creator can set a price for the user to be able to view their videos, so they can make a profit. For more information, you should visit the Lbry site.