As an academic, there are several users on Bluesky I would like to follow. Sadly very few are bridged for now. Hopefully all Bluesky accounts will be open for bridging at some point.
Another advantage is that thanks to Bridgy I can convince my partner to join Mastodon instead of Bluesky to promote her work, as the reach is the same on either platform.
I’d say it depends on your uses.
If you’re an organization looking for a platform in which to publish your videos so that they can be spread in your newsletter/social media and embedded on your website, it’s probably a very good alternative.
If you’re a content creator who runs on donations and has a dedicated following already, it might be good. And as the fediverse grows, it will only get better.
For a lot of the content creators who live off engagement and clicks, it’s much less likely to become a viable alternative. The kind of content people will watch for hours, but that nobody would ever consider paying for.
I think it’s not about one platform replacing all of YouTube, but about providing viable alternatives for specific uses.