That's only true for "professional" content creators. The silent majority of creators don't care about monetization and won't be impacted.
- We will stop giving you money
- We will force you to stop by delete the channel
I guess it can feel the same for many creators and be the same thing when communicating on twitter. (No sarcasm intended)
Even without monetization, the community/discoverability benefits of YT have to be appealing. As much distaste as I have for Google, the ability to find a plurality (at least) of the content related to my area of interest in one place is quite appealing.