A controlling entity would not guarantee fairness. Currently the way to compete is to stand up your own equivalent YouTube, possibly saving yourself a lot of money by using YouTube's open sourced codecs.

If there were a controlling entity you'd have to stand up your own equivalent YouTube, and a load of government people to wine and dine.

TBF nothing would guarantee fairness, the very notion of “free market” is pretty much an idealistic vision that only exists in very small niches from time to time. As long as you can game the system, there’s no reason not to do so from the start.

The current way to compete against YouTube is to finance a cloud provider to rise at that scale or build your own data centers which will land you somewhere in the top owning entities in the world. Then you need to lure creators and pay them the same or more than Youtube, and you might be seeing users and advertisers finally coming to your platform in significant numbers. Which also means you’ll enter into talks with content rights providers, pass contracts, and build an army of lawyers to deal with the whole world (including as you say, wining and dining the biggest entities that you need to stay in at least a neutral position toward your growth)

Saving money on open sourced codecs is probably not your main concern.

The alternative being to start your service small and grow organically, but in a country where YouTube isn’t available (fun thinking time: where could that be ?)