>It wouldn't make much sense as a feature of the existing app.
Why?
Because the UX focus is different, the assumed technical infrastructure context is different, and, well, basically everything except the backend service consumed is different. Youtube Go is more distinct in role from the core Youtube app than the other break out apps (which mostly are distinguished by content focus on UX tweaks around the focal content) like Youtube Kids, Youtube Music, and Youtube Gaming.
Neither do I, but the change here isn't "adding a button or two".
A ground-up rewrite wouldn't surprise me at all for such a change.