Well, I didn't use the word demonetization, because it means something specific - which is what I think you're arguing here.
But what we did see happens is that shows which were likely to provoke a negative response from audiences or advertisers were never produced, in large part for the exact same reasons.
The specific shape of events may look different, but that's the result of democratization, allowing more people to be part of the game where they spend money, make stuff, and get ads run against it.
In the cases where YouTube does pay for stuff before it airs or offers a guarantee on future ads, I am fairly confident the old TV dynamics are at play - they will ensure that the content they are funding will garner viewers and not offend advertisers.
But what we did see happens is that shows which were likely to provoke a negative response from audiences or advertisers were never produced, in large part for the exact same reasons.
The specific shape of events may look different, but that's the result of democratization, allowing more people to be part of the game where they spend money, make stuff, and get ads run against it.
In the cases where YouTube does pay for stuff before it airs or offers a guarantee on future ads, I am fairly confident the old TV dynamics are at play - they will ensure that the content they are funding will garner viewers and not offend advertisers.