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I think perhaps the biggest issue is the logic behind what type of content seems to be getting demonetized. The fact that you can lose ads simply because you talked about or reported on something related to atheism for example is quite distressing in my opinion. It just comes off as trying to restrict specific kind of content because some people don't agree with what it's saying.

I know a lot of people are saying that this isn't stopping them from still creating that content, but losing a source of income, however meager it may have been for some can result in many of them simply deciding its just not worth the time and effort anymore. This can result in Youtube becoming an echo chamber of just one specific type of opinion, and as someone who likes to watch and follow various different types of people with very differing opinions, losing that diversity would be a huge loss.