You’re not missing anything. This change is about Google’s increasing control (since they bought YT in 2006), according to my Google friend. It’s easier to control Live Streaming with a smaller pool of streamers. Live Stream has suffered increasingly bad news coverage whenever someone does something violent/evil live for all to see. Facebook is facing the same scrutiny. Google/FB are also facing draconian oversight of their own evil deeds in the U.K. & EU, so this is one way they can claim to be taking action.... Who will have the political balls to take action against Google/FB is the real question....
I should add that Google will NEVER publicly say what I was told is the core reason for the change, they’ll choose any number of other plausibly-deniable reasons to justify it...
That’s how they roll...