The most liked video on Youtube is the music video for "Despacito" with 50.81 million likes.  The video was the most viewed video on Youtube from 2017 to 2020, with over 8 billion views currently.  The video is a music video, so people are likely to like the video either because they enjoy the song or to easily listen to it again.  
The current most viewed video, the "Baby Shark Dance" music video, although having over 12 billion views, likely has less likes because of the target demographic.  Baby Shark's demographic is young children, who are more likely to view a video many times, and less likely to like a video.  
Despacito's older target demographic and popularity as a song contribute to it's high like count.
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