Youtube is not and never was a "public service". It's their platform and they are free to do with it as they want, with very little exception. It's not any different than a mom and pop store having a "No shirt, No shoes, No service" sign and enforcing that. It's their store, it's private property, it's their rules.
I see no reason to "bail out" youtube if they close shop due to insolvency.
>I would not be against one of these massive services failing spectacularly to 'teach us a lesson' about trusting all our important things to private corps.
"important things"? You mean all the troll comments and misinformation being spread there? Or the very few videos that are actually interesting or useful? If the content creators don't still have those videos backed up somewhere other than youtube, then that's their failure. If they want those videos streamed on another platform, they are free to upload their content anywhere they want to, or even host it themselves.
And still you wasted brain space to respond, very witty.