I wonder at what point Google's competence at search dropped to the point that they can't return the channel named "SpaceX" in response to my query.
Well, after watching for 5 or 10 minutes, they kept talking about Pixel 5s, and then I realized it was a fake account streaming the event from the previous year.
I went back to YouTube search and tried a variety of queries for fun, such as "pixel 6 event", "pixel live", "pixel 6 stream", "pixel phone", and they all featured this fake stream as the first result. It continued to grow and was over 50k viewers. Further down the list was another stream with the same thumbnail, same avatar, and a similar channel name, and that happened to be the real one. It had around 120k viewers, so not much better than the fake channel.
After about 30 minutes or half way through the event, the fake stream was finally removed from the results.
When you search for SpaceX, Google has a choice.
They can optimize for search quality by taking you to their official channel which has no ads. Doing that only causes them expenses. Bandwidth and compute are very cheap at their scale, but not free.
Or they can take you to these heavily monetized third-parties with the same content. Because these copy-cats are monetized through the same google, google is taking a non-trivial cut from every advertisement dollar spent while people watching these videos.