While the monopoly that YT has as a video platform is definitely an issue, the cost of maintaining the content has definitely risen now. 480p vs 4k videos have a ton of difference in bandwidth, no matter how much Internet speeds have evolved over the years.

I used Google Play Music (RIP) and moved into YT Music for my music streaming needs. The cost of YT premium was marginally higher so I switched for it.

The major issue with YT Premium is that they still collect the data from YT to show targeted ads, but I use also use uBlock, so that doesn't really bother me as much.

Point is, video hosting services are expensive. The quantity (not quality) of content on YT is way higher than any othet streaming service, and maintaining that for free is pretty close to impossible. The only possible alternative would be a government backed video platform and that's definitely worse.