(You can sometimes attack a monopoly directly if they're poorly run and can't adapt. But not if they're doing a decent job.)
Instead, do something YouTube doesn't do.
If I cant find anything I want to watch, it doesn't work well on my platform, and/or it is more cumbersome to find stuff then its a no-starter for me.
I guess for creators it would be easy to setup, upload, and get validated; easy to find their channel/content and play it; easy to monetize (if that's their thing) they would be willing to give it a try.
Youtubes recommendation algorithm is aimed at maximizing hours watched, its essentially a retargeting algorithm (it only wants to show you what you already watched). A system that eschews revenue for providing useful content you may want to watch could give a big edge. You need all that content though.