Isn't the conventional wisdom now YouTube can ban or show whatever they please.
Governments tend to put additional restrictions on the biggest players, and perhaps YouTube should be the subject of such a restriction.
If one feels that YouTube is abusing a monopoly position, then one should be in favor of breaking up YouTube. Period.
You cannot deny business to someone because of their race or ethnicity, and generally people think this is a good thing.
Legal theories aside, I think people feel that it is unjust when a monopoly or near-monopoly business acts in a manner discriminatory to one group or another.
If nothing else, it informs others about Youtube censorship - even the most radical libertarians are pro-informed consumers.
But that's a bit like the legal system. A government or civil case against you may be completely unwarranted, but it likely will cost you time and resources (and connections to powerful people) to fight.