Picture-in-Picture Extension (by Google) is a productivity chrome extension. it's a free extension and is featured in Productivity, it has 2,000,000+ active users since released its first version, it earns an average rating of 4.04 from 1,660 rated user, last update is 829 days ago.
Picture-in-Picture (PiP) allows you to watch videos in a floating window (always on top of other windows) so you can keep an eye on what you’re watching while interacting with other sites, or applications. Keyboard shortcut: Alt + P (⌥ + P on macOS) Source code: https://github.com/GoogleChromeLabs/picture-in-picture-chrome-extension By installing this item, you agree to the Google Terms of Service and Privacy Policy at https://www.google.com/intl/en/policies/.
You could download the latest version crx file or older version files and install it.
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Why isn't this just part of Chrome?
Chrome already has an in-built pip in the music and video control button that works the same as this so I don't find any need of installing it. I installed it because I thought it would give me more control of the pip like Firefox.
Definitely worth it if you like to multitask while watching YouTube videos.