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It looks like a limited assignment of copyright. (Partial assignment?)
It applies to free sites only, sites of Pornhub's kind -- other tubes ...
''on any free user-generated sites or platforms'' estoppel by agreement of some consideration. The action of uploading in agreement with the new terms would create an estoppel of barring the use the uploaded content ''on any free user-generated sites or platforms''.
You are not transferring any ownership of the content only agreeing to Pornhub's exclusive use ''on any free user-generated sites or platforms''.
What exactly ''on any free user-generated sites or platforms'' means is rather vague -- it may not be very binding. For example, if you had your own forum as part of your business -- you may not not be able to use that content only verbatim in its entirety -- big loophole that you might be able drive a truck through.
That is the way I see the intention -- without going into Pornhub's rational in the matter.
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