Changing input fields does not affect the actual shortcode output

Maybe I am doing it wrong. What I want to do is change the input of a field when its entered or pasted. The input field changes but is not reflected on the shortcode insertion.

function arve_extract_url( changed, collection, shortcode ) {

    function attr_by_name( name ) {
        return _.find(
            collection,
            function( viewModel ) {
                return name === viewModel.model.get( 'attr' );
            }
        );
    }

    var val     = changed.value,
        short_val = changed.value,
        input     = attr_by_name( 'url' ).$el.find( 'input' );

    if( typeof val === 'undefined' ) {
        return;
    }

    short_val =       val.replace( 'https://www.youtube.com/watch?v=', 'https://youtu.be/' );
    short_val = short_val.replace( 'http://ift.tt/1nL2Nvk', 'http://dai.ly/' );

    if( short_val !== val ) {
        input.val( short_val );
    }

    if( val.match(/src="([^"]+)/) ) {

        var test_url = val.match(/src="([^"]+)/),
            only_url = test_url && test_url[1];

        input.val( only_url );
    }
}
wp.shortcake.hooks.addAction( 'arve.url', arve_extract_url );

via Chebli Mohamed