As many probably realize, the fact that "online videos" == Youtube for many members of the general public means that it is by far the number one source for both posting and watching videos online in a self-reinforcing loop. I think that it cannot be overstated how much the existence of platforms like that (e.g. video sharing websites, 2D art websites, music boards) drive non-professional creators to create, given the fact that for the first time, they can actually get an audience. So it is not so much that Youtube and similar platforms are necessary for content creation (which is a ridiculous claim that no one made), but that the absence of such platforms seems likely to result in the previous system where media was very rarely shared by the non-professionals.
If you are arguing that massive content consolidation platforms such as Youtube do not have a highly significant impact on content creators as a group though, then I do not know what to say to that.
You can sell your farm fresh strawberries in the backwoods of Alabama, doesn't mean you'll get any traffic that'll grow your business/platform/identity.
Not everybody, a small minority of the planet actually (the EU is a mere ~6.7% of the planet's population). The ideal solution if you're a US service like HN, is to ignore EU laws like this, as HN is governed by US law. For YouTube, it's a lot more difficult.
Put simply, if you're a US (or Australian, or Brazilian, or Japanese, etc) service: tell the EU to go fuck itself. US courts will laugh at their attempts to enforce EU law over US law.
Keep your servers in the US, if that's where you're located. If you have no need to do business in the EU, then you have almost nothing to worry about. The EU's reach largely stops at its borders unless you're operating in their jurisdiction.
For my service as a US operation, EU copyright law is meaningless. I'll continue to allow EU users to sign up, and entirely disregard EU law.
Ultimately the only way the EU can truly enforce their backwards policies against a global Internet, is to set up a Chinese firewall and hold EU persons as captives of that creeping authoritarianism.
It in no way prevents anyone from creating content and publishing it on their own website.
You make it sound like the youtubes of this world are necessary for content creation.