Traditional Broadcast TV(or radio[1]) uses limited shared airwaves.
You can have only so many channels, so they has to be acceptable to plurality of people over whom you are transmitting and therefore needs content(and ad) moderation and acceptable standards.
YouTube is not a shared public good, does not have a technical limitation for another provider with different flavor to compete.
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More comparable is Cable TV. No content restrictions apply to Cable TV, this is why HBO doesn't have to censor by blurring/bleeping even common swear words as CBS/NBC/ABC/Fox do, or follow regulations around what kind of content can be shown on prime time versus late night or allocate time for just news.
There are plenty of low quality cable channels and they make money(i.e. enough people want them) like reality TV, pure telemarketing channels, televangelists or porn or anything in between, there are no standards that they need to comply whatsoever.
While the confusion is understandable, few people actually get their TV over airwaves, for most consumers it looks like it is all cable or IP these days, the comparison is not valid.
Expecting standards in a shared public limited good does not compare against expecting it from YouTube.
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[1] Meaning AM/FM stations. Modern Radio (i.e. Podcasts) or Satellite services (SiriusFM etc) can do whatever they want.