To some degree, it is though. YouTube has a quasi-monopoly on the promotion and discovery of video content, which is far more important than the distribution (which you're correct, is relatively cheap and straightforward)

If a business capriciously de-indexed from Google search, I think there'd be plenty of room for criticism of Google. I don't think there's a terribly large difference here. It might not rise to the level of illegality, and it certainly doesn't justify shooting employees, but I do think it's a predictable result.