Part of the problem is that even if the code gets reinstated, the RIAA may just pressure Google into changing its method of protection. Then perhaps a new tool could be created, but not very easily if the RIAA succeeds in establishing a precedent for taking down tools that have the potential to infringe.
YouTube is increasingly only a few pain points from mass exodus from both creators and audience. Advertisers and copyright maximalists less so.
Bandwidth and distribution are no longer the limitations on independent hosting they once were. Independent discovery methods (e.g., DDG video search), are improving. Noncommercial orientation makes youtube-dl and similar mechanisms a net positive --- simplify the web-based delivery, increase viewer flexibility, provide greater tolerance for network or system variability.
My own interest in YouTube has very little to do with commercial mass media, and far less to do with ad-seeking chum-spewing bottom-feeders.
I love that youtube for me works everywhere: on my iPad, Samsung phone and my smart TV, laptop, the offline viewing mode is better than in any other application. None of these are hard to replicate, but it's still a lot of work (and some of the devices that I mentioned are walled gardens).
Youtube works poorly on my Android tablet, my aging Linux desktop, and even on a recent iMac, the flexibility of mpv, mps-youtube, or VLC is often preferable.
More options are more options, surprisingly enough.
