What are you supporting today that requires Wowza or Red5? The short answer is Video.js is only the front-end so it won't help the server side of live streaming much. I'm of course happy to recommend services that make that part easier though.
So I'm just wondering whether we can do streaming that way, and video.js can "just work" to play the video as we fetch chunks ahead of it ("buffering" without streaming servers, just basic HTTP range requests or similar).
WebRTC being a more open model for real-time streaming, but nowhere near as easy or scalable HTTP-based streaming today.
However we can all also start getting excited about MoQ [1][2].
[1] https://moq.dev/