But what would that form of media be, and what would be the justification for creating an entirely new media platform to succeed YouTube? I find it difficult to imagine what it would look like at this point in time.
People made a big deal about archiving Usenet when everyone started moving away from it. If YouTube has to be archived I don't see how it can be completely accomplished without people who have used youtube-dl in the past gathering up whatever they happened to save before it went down. There's hundreds of millions of hours of video already on YouTube, and unlike Usenet archives only a few large entities have the money and infrastructure to warehouse the entirety of that data.
Saying that YouTube will pass on because media companies always pass on almost sounds as if YouTube is a ticking a time bomb, and after enough time passes we'll inevitably lose a lot of things that brought us value en masse, and the scale of loss will be far greater than in the past because of the breadth of content and the sheer ubiquity of YouTube.