That's 100% true, but YT also foots the bill that creators would otherwise be responsible for when it comes to just the basics. Free hosting/distribution of high res full-length videos, globally accessible, with a player app that is actively developed and maintained, a recommendation algorithm to put your content in front of viewers' eyes... That, alone, has tremendous value for a creator that they really can't get anywhere else without paying out of pocket. All of those things would have to otherwise be paid for/maintained by the creators. While it's not a direct payment, YT relieves a huge burden for creators.

It sucks because it keeps creators' success dependent on corporate oligarchs. But at the same time, it's also great because it gives them a fighting chance to get started.