- they have greater capacity to add features
- they have more ability to have search and other discovery
Neither of these are inherent to a centralized service. All you need is a centralized website on top of a decentralized video host. Different websites can compete on features like search, while providing access to the same database of videos.
The fact that no one has succeeded yet is not proof that this is impossible. Moreover, this would be to ignore protocols like email and the web, which are decentralized, and which are very popular. Centralization has been preferred because we are in a period of very rapid change, where centralized services can pivot ten times before a decentralized service even gets started. People are beginning to realize the downsides of centralized services, change is starting to slow down, and decentralized services are now able to make headway.