Yeah they could create a video platform, but until it gained the prominence of YouTube it would be just a niche hosting platform. I'm putting forward a view that YouTube has a status so powerful in global society that it should be held at a higher standard.
But regarding your question, I actually think that there's a serious dysfunction here in the way Fox News can legally spread lies that are very damaging to society with little to no legal consequence. They even alleged in a slander case that the Tucker Carlson show is actually just entertainment, and reasonable people can't expect it to be truthful - even though millions of people get their news primarily from Fox News, including Carlson talk shows, fully believing they are telling the truth.
And I see that YouTube is cracking down on a lot of the same misinformation that Fox News propagates (and sometimes, worse stuff), but my point is that this shouldn't be up to Google to decide what political talking points are or aren't allowed. YouTube functions as a public space in our daily lives, we express ourselves there, I don't think it's good for society for a single company decide this policy unilaterally.
On the other hand, it's good that platforms offer some kind of curation and differentiate themselves based on that. There are YouTube alternatives like Lbry in which practically everything is allowed, and I think both models are necessary.
