yep, having that under control of one corporation is unacceptable. Imagine if some corporation owned pyramids or caves full of paintings by first humans to such extent they could grind it all to gravel if they wanted. Right now they are preventing fair use of the content too, by forbidding downloads of the videos.
Google has way too much control anyway, since google account has become too important for many people and getting it suspended would mean catastrophe to such individual.
to vast majority of people this is unthinkable. They will also likely just not even notice news like this because they dont pay attention to such things and likely dont even care about their personal info until something bad happens to them because of that.