Google might. But does YouTube? Should other Google properties subsidize YouTube if it doesn't generate "insane profits" by whatever metric you're using that word?
YouTube is the largest social media site (or at least was a couple of years ago.) Google gets a lot more value than just cash out of it, otherwise they’d have shut it down.
What value does Google get out of YouTube besides the minuscule profit?
Having complete control over the vast majority of internet video content
There is nothing stopping content producers from hosting their own content on something like S3+CloudFront or the cheaper (than AWS) alternatives.
and yet they are not doing it
And thus you are stuck with crappy public cable access channel style content…
The second largest search engine and all the data that entails.