YouTube is incredible, YouTube is poorly run. If I were making the laws, I'd do something similar to mandatory licensing of songs for radio: mandate that YouTube, as a sort de-facto content monopilist, provide third-party access to its database (upload, discovery, view counts, recommendations, etc). Devil is in the details, but well-done it would strictly improve the world.

Independent competitive companies are great, but things tend to devolve into de-facto mini-governments once things stabilize, and from there I think the (real) government using its power to force a little more competition could really improve things.