> I've been wondering if anyone knows why there is no P2P protocol for mass live stream content in decent quality?

We had torrent client/streaming video players maybe 20 years ago already.

> Does anyone have knowledge on why it isn't a thing still though?

It is a thing, it seems you didn't do your research.

There's articles all over the interweb if you went and looked, such as

https://www.makeuseof.com/best-torrent-streaming-apps/

Seems you missed the "live" part.