I've rewatched the video in case I was being uncharitable. Nope. He accepts the premise (direct quote: "that's kind of true"). He then does the exact thing I said, which is argue that it's not acting like a normal pronoun: "the 'fourth person' can also refer to a generic pronoun [...] it doesn't refer to a specific referent, like 'he' or 'she'. [...] if 'chat' is being used to refer to nobody in particular, then arguably it is a new fourth person pronoun." This is complete and utter nonsense packaged as exciting linguistic concepts, which is not at all "cool and good."
(As a bonus bit of wrongness that I didn't catch on the first watch: he says that chat used like "y'all" is third person plural, which is another thing that maybe you shouldn't get wrong in a supposedly educational video.)

