EDIT: A TLDR of the video:

VPNs are useful for:

• Appearing to be from a different country to get past content restrictions (piracy!)
• To get past firewalls/filters (e.g. in China)
• To stop your ISP or people on your network from seeing and monetizing your DNS queries
• To hide your public IP address from sites you connect to
• To protect your data on HTTP / non-SSL sites from your device to the proxy
• (Not mentioned in the video) for creating a virtual network, useful in some work situations

VPNs don't actually help much with protecting the contents you send over the web (these are usually encrypted), i.e.

• Bank passwords and data
• Stopping advertisers from tracking you (there's a lot of stuff other than your IP)
• Making you anonymous