Seems? More like its mainly used in this way nowadays. There is no risk in sending DMCA notices so of course its abused.
If a group of us formed and we did this to all of them and gunged up the system, google would be forced to improve it.
This might work between rival game streamers or something but the law offices of Dewey, Cheatem & Howe likely do not have a YouTube channel for you to retaliate against.
Even better if you created a "burner" corporation. Ie P.O. box in Delaware and act on their behalf. They have to take you seriously because corporation, amirite?
IMO the way to go is to get their contact details out of the copyright claim and sue them in small claims court.