It seems most of the content is under "Standard YouTube Licence"[1]. Since this is historical footage I would have preferred if it was under Creative Commons, so that it could be included in other videos. Anyways, this makes YouTube even more useful for preserving and making notable videos more accessible.
I assume they stuck with the Standard YouTube License because that lets them keep ownership of the videos and license them out separately under their own terms.
Copyright works in mysterious ways. They probably have copyright on the actual files as well as the product that they created when capturing the analog originals digitally.
IIRC, US copyright law includes the ambiguous words "slavish copy" with reference to something that would not be copyrightable. For example, the Vatican sold copyright to the imagery that is the restoration of the Sistine chapel roof - self evidently a "slavish copy" by design! - to the company that paid for the restoration, so they could have exclusive rights to sell/license reproductions of this restored imagery. They've never taken anyone to court, (quite possibly because their case is wobbly), but they do assert their rights to this work and try to get people to buy licenses accordingly.
[1]: https://www.youtube.com/static?template=terms