If it's true that it isn't profitable how would anti-trust laws make it better? If it's truly unprofitable then separating it from the mothership means it goes bankrupt so no more Youtube. That doesn't seem like a better outcome than what we have today.

So it must be profitable to even begin to consider anti-trust regulation. Personally I think it is profitable although it likely has a very long time to recuperate investments (since it's mostly infrastructure like fiber, peering, caching accelerators, etc).