I agree with your interpretation overall, but there's other factors at play:
- Peertube isn't trying to force everyone to have an account like Youtube is
- the Peertube federation is much younger, and some would say it reached maturity for broader usage very recently (this year)
- view count does not account for people downloading the video directly using HTTPS direct connection and/or Webtorrent, only those using the default web client
For comparison, here [0] is the YT channel that has moved to PeerTube, and here [1] is a random musician's channel that I happen to follow. The second is many times larger, even though it is a single person's channel.
So I'm guessing as long as you post regularly you can get thousands of subscribers without much effort.
...that's quite a lot even on YouTube, no? I always assumed the videos recommended for their sheer popularity were a "top 1%" sort of situation.