I think people hype them selves up about it when they see the top 0.5% on YouTube and think they can be the same. Nowhere have I seen YouTube lie or mislead about this.
The problem is there are simply too many content creators. We don’t need “generic lets play guy 373628”. There is more than enough content pumping in to the system right now.
"Too many content creators" isn't a problem. "Too much bad content" is.
Is it? How else do you grow "good content", short of curating it (with all of the topdown biases and blind spots that that approach implies?)
On top of that, who decided what "good content" is? I occasionally get recommendations from Weird YouTube, and sometimes they're absolutely delightful. This sounds a lot like "nobody needs more than three broadcast channels"