That's basically it. The only potential competitor is Twitch, but even then Amazon only really gets into free streaming content.
Google has cheap hosting costs and the best ad market in the industry. The only non-porn competitors either charge the uploader to host or charge the user to watch.
I’m not saying it being a YouTube parasite is a BAD thing. But as long as it’s primarily getting it’s views from people who started watching on YouTube first, “parasite” is an apt description.
Also fighting copyright claims from the music and movie industry is even more expensive and difficult.
Microsoft (with their Azure) has more than enough storage space. They got CDNs and video streaming technologies (that anyone can use in their own products). But they've still given up their own music streaming service and public video upload service.