You are completely correct, but this video is aimed at home cooks and guanciale isn't easy to get in the UK. Better to substitute pancetta, which is widely available, than to be deterred simply because you can't get the exact ingredients. As someone who is very fond of carbonara, I think this is a good recipe (although I don't add the pancetta to a hot pan - I prefer to add it to a cold pan so that the fat can render and crisp without burning the actual meat).