It's still for me much more useable than the competitors. There have been quite a lot of features added in the 20 years - being able to choosse the viewing quality, variable playback speed, rapid transcription for subtitles, live video where if you join late you can start from the begining at 2x till it catches up. I still interenally curse if I'm made to watch video on a non youtube player as there's usually something that doesn't work. Youtube is often the only one to work ok on slow connections.
Even if the tech was better, the network effect has long taken place. Content creators get paid, and a few get paid enough to do it full time. They can't just jump to another platform and expect to maintain that, and without that the fans won't migrate either.
Mixer is one of the best examples of this. MSFT paid hundreds of millions for exclusivity for some of the most popular streamers and people complimented how it felt much smoother than Twitch. But that wasn't enough to get off the ground for MS. Youtube is an even bigger behemoth to tackle.
