Half modern journalism is just that - or it at least gets a spin filter applied to it.
But the one thing web showed us, the skills for journalism, and the number of people who possess those skills are in abundant supply for the most part. I just read an article where some large site got tons of poor saps to write sports commentary for free for years on the off shot of getting a paid gig. It was pretty time consuming because not only did they have to write everything, but attend games and interview players etc. Yet the pool of people willing to work for free is pretty great.
It's probably like how most drug dealers don't make crap for money and risk getting shot at and arrested, in the hopes they are one of the ones that go on to make it big.