Companies can pull the plug, sure. But they probably won't, and they shouldn't. I think it's in those company's best interest to leave the current system intact, rather than constructing intermediary companies that create a higher barrier of entry. I think there's a reason most companies have been tolerating Let's Plays and it's mainly because they benefit them as well. Nintendo has been on the wrong side of history in terms of online stuff a lot of the times and I don't see this as being any different.
Speaking purely from a game company's perspective it would be smart to get on the good sie of Youtubers with a huge reach the same way the gaming press has been pampered with fancy press trips. Not advocating this is a good thing, but I suspect there will be a lot more backscratching in the future, maybe problematically so. These people don't have the veneer of being journalists though so that further complicates conflict of interest discussions.
I don't watch Angry Joe's stuff, I mostly find him grating, but I do think he has the right to complain about Nintendo here.
Yeah, you're right about the greater barrier to entry, that would be introduced. Still, though, I think that YouTubers, streamers etc. probably have enough influence to force this, at least for smaller developers/publishers, by which they could start targeting larger companies, in the future.
Nintendo is really strange at times - like when they didn't include WPA on the DS, required friend codes etc. It would definitely give them a marketing boost, to freely allow Let's Plays and trailer footage on YouTube, but they fairly, imo, want something out of it.
Unless Nintendo is forced to, they probably won't change their Content Creators' program.
Backscratching is good for business, but you end up with biased reviews from journalists, and mis-information. Plus a Doritos Pope. So, for consumers, an independent body/organisation would be better - games that are thought of as good, by the majority of people, should sell better.
To be honest, I would have agreed with Angry Joe, but he knows that Nintendo is a company trying to make profits, like any other. Instead of just getting mad, he should use his influence to try and solve the problem.
EDIT: The kind of organisation I was thinking of, is more of a partnership/brand, that any 'up and coming' YouTuber, or media streamer, can use to promote themselves (a bit like an association/alliance)