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Is misstaken as deletion? English is not my first language, but I have a hard time reading this as "we may delete your channel".
- We will stop giving you money
- We will force you to stop by delete the channel
I guess it can feel the same for many creators and be the same thing when communicating on twitter. (No sarcasm intended)
Even without monetization, the community/discoverability benefits of YT have to be appealing. As much distaste as I have for Google, the ability to find a plurality (at least) of the content related to my area of interest in one place is quite appealing.
It appears that he saw demonetization and mistook that as deletion.
That said, for some channels, demonetization means effectively shutting down the channel.