I've watched the last 3 years of Rewind. Each year they get more and more dislikes. Every Rewind is very awkward and cringey to watch, because they try to put memes in it and make the popular creators act wacky.
It's fun to watch the big creators (like PewdiePie) react to Rewind, though. In previous years, YouTube would reach out to creators and ask them to be in the video for free and they would be subjected to awkward filming requests that lasted all day. After the fact, many creators realized it wasn't worth working for free to hopefully be seen for a few seconds. Animators especially got the short end of the stick, because they had to work many hours to animate something and they lost precious time they could have use to create their own video that actually made them ad revenue instead of throwing it away to YouTube HQ.
The only thing I liked about this year's video was the fact that YouTube had to put PewdiePie in the video several times despite his controversialness. I feel like they put a lot of K-pop in so people "couldn't be mad".
A lot of people who watch complain that they have no clue who the people they show are (because they include creators from across the globe). I feel it would be better to create like... YouTube Rewind Brazil or YouTube Rewind Japan or something instead of lumping them together.
Rewind is just the tombstone on "old/better YouTube" and it reminds everyone why they hate YouTube when it gets uploaded each year.