But they are also going to struggle to monetise their content.

Does peer tube have monetisation features? Or would it all be sponsors, patreons and product placement?

Yes but it's the creators that brings the people. YouTube worked because at the beginning it was the only place where you could upload videos and nobody was thinking about making a dime.

That's true.

I use RSS feed to follow youtube channels, but if they happen to upload to odysee or peertube as well, I follow them there instead. Just to give a YouTube competitor a bit more traffic.