Well, not that easy. There is already #Odysee /#LBRY, baxked by a centralized shitcoin.
The copyright issues are still difficult, especially if you like to build it with Torrent which kinda makes every participant a a distributor...
Discussion
If something contains copyrighted material we just have to judge it on a fair use basis, or check if YouTube lets people use the same material
I should mention - being involved doesn't mean you promise to seed everything people ask you to, it basically just means you'll try to help seed some of the stuff some of the time, adding to the overall pool of seeders