Be prepared for this to have an effect similar to the DMCA takedowns.
People are mad about how Nintendo can make a DMCA claim on anyone who does a Let's Play video of one of their games or features some clip of it in a review. You already have a chilling effect where people don't want to cover Nintendo games because they cannot monetize those videos. The same thing will happen with any video that covers issues of racism, sexism, or gender identity, from a perspective you agree with. They will run the risk of getting falsely labeled as hate speech, either due to misdetection by some automated algorithm or because malicious users who disagree with the message report them. Pretty soon we will have topics here about how every Feminist Frequency video is getting de-monetized because GamerGaters are coordinating to report them as hate speech. Some people will simply choose to stop talking about any controversial topic to avoid the headaches.
The companies will be happy. Bad users will suffer, but some good users will suffer as well. Maybe you still think this is a worthwhile tradeoff to reduce real hate speech (much as DMCA takedowns reduce real copyright infringement) - I won't judge that. But I hope people realize what it is they are asking for here. If you think this is as simple as only hurting the actual hate speech videos, you are being incredibly naive.