Every competitor which has tried to do this has been eaten alive by the costs of bandwidth and storage, even if they have a deep-pocketed corporate backer (e.g. Twitch will not let you store unlimited VODs like YouTube will). Some companies have managed to flank YouTube and carve out a little niche like short-form video, but I think building an actual YouTube competitor with the features people demand (again, unlimited uploads and eternal storage, for free) is more-or-less impossible.
I’m less familiar with bilibili, but afaik it doesn’t do many of the revenue-sharing programs that YouTube does, so might have trouble attracting the same creators. They also have so far been pretty regional and so I’m not sure if we can use them as a sign of success yet.