I love the idea, but most servers only host a couple of videos, it’s very hard to find enjoyable content on there and it’s difficult to figure out which server could be a good server to make an account on…
I wouldn’t mind a centralized aggregator of videos and maybe it could have a suggestions algorithm as well or whatever. Not that this would be ideal in the long term but it could help get the videos some views and make more content creators see this as a good alternative. It’s not safe on youtube, people aren’t even saying suicide anymore ffs
Edit: Even some renowned german media have their own peertube servers that they feed with high quality videos, but of course they have basically 0 views. (https://peertube.heise.de/, https://tube.taz.de/)

No one has figured out how to make it seem like a centralized service, which is a much better experience for actually watching and finding content.
All anyone needs to do is rewind 15 to 20 years ago, give people a content user experience to what you tube was then, and start packing it full of the content people already know.
Creators won’t make money off of it though so it won’t gain traction.