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This is the Fediverse alternative.
I think that it's going to be the hardest service to run on the Fediverse, as the bandwidth costs from streaming videos are the highest. I'd think that stuff like lemmy/kbin being an alternative to Reddit, or Mastodon to Twitter is going to be easier to do.
Obviously it depends on the scale but part of peertube's viability relies on the fact that it's peer to peer sharing the video with you, so it's not just that host you download from, but any host that has a copy of that video, which overall gives the network a tradeoff between storage space and bandwidth