Couldn't that have been said about the World Wide Web itself in 1994?
Peer-to-Peer distribution only doubles the bandwidth required on a per peer basis. I don't think most broadband internet connections are >50% saturated by a youtube video.
And for a long time, it was!
Let's not forget, that the novelty/impact of Internet ("a new world, we need it!") and an abstract concept like a "net in the net" is very much different. While the former is cool, the latter is, well: "who needs that", the average person says?
You don't need seperate distibution networks for Facebook and Twitter, email, shopping and the web. And that's where the majority of the people wannt to hang around. Yes, Netscape was around, when Microsoft introduced IE, but it really came to everybody with IE and Outlook Express (otherwise, the net would still be a more refined and better mannered place, I dare say).
I think we all can agree on this.
The question, however, is: What is gonna pay for it? Especially the transmission of videos is very expensive. And while I would believe, that a lot of nerds would sacrifice resources to keep a P2P form of a specialized content distribution network running, it would not reach more than a few: the nerds themselves.