Although the verification might only be required on monetization option. I remember logging into my Youtube account some months ago for first time in years to see some dashcam cop chase video. Youtube was asking to verify I was over 18 with ID or debit card to watch it . Needless to say I did not watch the video. Video is not that important as my privacy.
While it needs to be applied proportionately (only for monetized accounts), YouTube channels can end up generating significant income. You decide where that income goes by logging in to YouTube and providing bank details. So in a way, your YouTube account becomes a financial asset.
You'll be glad they did KYC on you if you're locked out of the account after a hacking attack and/or lost your phone so you can't generate 2FA OTP.