I'm seeing that too for most YouTube URLs I try. I've been able to get a few to work from recent Imgflip creations that have a YouTube link, for instance the link on this page:
imgflip.com/gif/3lu6r9
It looks like YouTube changed their API on 2020-01-10, the issue might be related to that.
For the time being, you may have to upload video files of YouTube content to the
imgflip.com/gif-maker instead of using URLs.
There is a feedback link at the bottom of the page, use that to send in greater detail of the issue you see on your end, that should help find the bug.