Bands can start their own “labels” on archive.org, archive.org/details/netlabels . is that what you had in mind?

The attraction of youtube for almost all listeners is the huge copyrighted collection, which is (mostly) there through artist permission or upload, because the artists get a chunk of the ad revenue. Any serious competitor would also have to somehow deliver a payment stream, which means ads or subscriptions or something. Not really a fediverse thing.