> The majority of views goes toward a relatively small number of mainstream content creators

By any precedent YouTube is radically decentralized. Yes, the view concentration follows a power law, and the power law beats the long tail, but you have to add up thousands of channels to get a majority of YouTube views. Think about how that compares to the overall media landscape. Any two TV channels would yield a majority of viewers. The diversity and decentralization on YouTube is much greater.