Here's the YouTube description: "We went camping in Provo Canyon (near Squaw Peak and Little Rock Canyon Overlook) and saw some deer up on a hill that we wanted to get a closer look at. On our way up, we thought we saw a bear, until the monster stood up and looked right at us. We ran straight to the car after that, leaving our tent and everything behind. It's probably all still up there."
As popular as this video is on the web, it really doesn't show much, even in the slowed-down version, which you can view here.
The main problem is that the creature is not very visible. It's behind some bushes (as usual), so we cannot make out what it might be at all. We can only tell that it is dark. Whether it is a dark-furred creature or a person in a gorilla suit we cannot discern.
At first the campers think it is a bear (the color is right), until it stands up. Well, it could very well still be a bear from what we can see. Bears often stand up on their hind legs. In fact, this is what it looks like to me.
Another option is that this is yet another hoax, created for the sole purpose of getting tons of YouTube hits, which this has succeeded at.
Could it be a Bigfoot? We cannot exclude that possibility since we do not have a good view of the thing, but for lack of evidence we have to place it as a remote possibility.