Like Picture in Picture window, Chrome Canary now allows users to place Global Media Controls UI anywhere on-screen by dragging it from the toolbar.
Chrome through GMC aka Media Hub, allows users to control video or audio playing in the browser.

Without the need to right-click twice on a video and select the Picture in Picture option, GMC offers PiP option in its UI to open current playing video in PiP mode
Google today added a new flag to Chrome Canary 86 that when turned on, allows “controls to be dragged out from Global Media Controls dialog”.
Enable Overlay Controls for Global Media Controls in the Chrome browser
1.Launch Chrome browser
2. Visit chrome://flags
3. Search for “Enable overlay controls for Global Media Controls”

4. Select “Enabled” from the dropdown and restart the browser.
Now head to YouTube, play any video.
Click on the GMC icon on the toolbar and place your mouse cursor over controls and drag and leave it anywhere on the screen.
When you manually play another video, Overlay Controls for GMC will disappear and the music icon appears again on the toolbar.
Related articles:
After Chrome, Microsoft Edge lets you enter Picture-in-Picture mode from Global Media Controls UI
Chrome 82: Google adds Picture-in-Picture option to Global Media Controls UI
Chrome now shows Global Media Controls UI in the Toolbar for YouTube Videos