Technically it isn’t centralised, it just happens that nobody is running their own instance.
While there’s only 1 site (not counting the soon to be discontinued lbry.tv website), content is still hosted on multiple computers of whoever has seen a video and not deleted it locally.
How often did governments try to censor and/or regulate torrents?
Did it succeed? Nope!
Because torrents are decentralised.
Odysee content works that way as well.
However, I do believe we need Odysee clones spread on servers outside of the US to avoid censorship of content hosted on their servers (if they do, probably they do as a form of backup plan).
For example like with Mastodon, you can set up a server in Japan to avoid war on 2D drawings, or in Russia or China to avoid (false) DMCA take downs.
Probably all it takes is to just download the source code, and set up your own server running LBRY.