1) It won't turn a profit. Corporations will blackball it and not put their ads on it. Yes you'll get the same type of creepy ads that Rush Limbaugh gets like gold investment schemes and dodgy vitamins, but you won't get ads from the beer companies, the automobile manufacturers, the food companies, etc.
2) It won't change minds. Even if you can get some billionaire to fund the money-losing effort, it'll basically be an echo chamber where conservatives go to video one another rather than text one another as on FR.
All of this has been discussed ad nauseum by YouTubers who are trying everything they can to branch away from YouTube but finding that YouTube must still be an important part of where they present their messages.
But to be blunt, that isnt the world’s problem.
Either make it work or suck it up.