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Peer tube already supports P2P. If 10 people are all watching the same video they'll share pieces to other people.
I was trying to throw it up in my home lab a couple of months ago and having to set it up with public access DNS and namespace beforehand seemed unnecessary. If there was an option where At least in part it were just like a torrent client I think it would go over a lot better.
I think it needs a more decentralized architecture with central control servers managed by a company. The community would do the bulk of the lifting and the company would scrap revenue off the top. They would manage a payment system for paid content and merch.
No good having it centralized and managed by a company.
It will never be all that useful then. You need some sort of financial support. Video content is expensive.