Traditionally, the play / pause button is labeled with both icons. It has no need to display state, because the state of playing or being paused is obvious to the user. That button would be telling you the same thing you see by watching your video.

But a mute indicator isn't telling you how other people appear to you. (That would be "deafen".) It's telling you how you appear to other people, which you have no other way of knowing.