Do you realize that right now there are US states trying to make publicly existing as a transgender person prosecutable as an obscene act? Or that there are states where abortion is illegal? I'm assuming you are american but that also applies to other countries. In Russia any public indication that one is LGBT is liable to get one persecuted by law and by bands of raging homophobes.
At the best of times this attitude "if you have done nothing wrong, you got nothing to hide" is naive. But these days, as the many flaws of the justice system and the raging bigotry of many people are transparent to see and widely commented on, it's downright clueless to say something like this.
I see what you are saying, but Google is still not bleeding money and YouTube has become very well established already. In fact, for years YouTube contributes to Google's primary revenue source: Advertising. Of course, this is why they are opposed to ad blockers, that much makes perfect sense.
But I don't see any indication that it's not making ends meet. And I'm not taking an executive's word as proof, much less one from a whole different company. It's expected that they will say whatever make their actions look good, whether or not it's true.