The baseline pattern is effectively a video embed. What makes this a "page block" in our world is the addition of the optional headline and body text above.
If it's simple for a user to delete the headline and body text when a person inserts this pattern into their page, then I think it's reasonable for the default pattern to also include the text elements.
Component Specs
Fields
{* Required element}
Notes
Design
Steph's Thoughts on Implementation