Letterboxd and Goodreads both use a star rating system in addition to long-form reviews and it seems to work out great. I have my disagreements with how the sites are run, but the rating system isn't one of them.
YouTube star ratings never included the opportunity to review (in text) a specific video, so I think your comparison isn't very applicable or helpful in this specific situation. The Steam review system isn't very analogous to how YouTube used to work.
chameleon@fedia.io 5 hours ago
I've done that and it's a result of not having more options than good/bad. Always the same cause: I really wanted to write a 3* review for a game that has a lot to praise but its core is fundamentally flawed, but Steam doesn't let me give a 3*, so I try to correct for the review score bracket I think the game should be in.