Yeah, it works with new stuff..till it won't work anymore:P
Torrenting is the technical solution but what it lacks is an organisation from the seeders.
You want to download Jurassic park, you can do it even now, there are hundreds of seeders, you want to download an episode from live pd two seasons ago? Good luck I have my seedbox opened for two months and still haven't managed to come across a peer with the full file.
So, you will need to have some sort of distribution model, where at any time a file is available and the upload speed from the peers is enough.
And you can make this possible only ...with a central node, that knows at any time where and if the files are available.

. So, goodbye decentralization.
Smaller content creators would have to seed their own videos. Also, I remember some shitcoin wanted to integrate itself with torrents to incentivize seeding - I don't know what came out of it, but maybe in the future it could be done with Lightning Network.
Youtube has been unprofitable since its inception and only recently it started to break even, so the Youtube that we know was indeed only possible due to centralization and Google being a giant corporation. A decentralized tube would most likely be in some ways worse than Youtube, but it would also be more free.