The kind of journalism that these people do is dead as a professional information-delivery job because it is outcompeted by obsessive bloggers since the advent of the ubiquitous Internet. It is an entertainment business and behaves like an entertainment business, which means that the participants are incentivized to create buzz, etc. If your news sources are primarily these, then you’re missing out on a lot of action…
Eh, not so much. That's not much different than saying that journalism has been out-competed by the Facebook News Feed. It might be true that they've "outcompeted" journalism by pulling the rug out from under its revenue model, but they certainly haven't out-competed it from an information-delivery perspective.
Blogs/social media is full of grossly unreliable information, for the most part due to the lack of professional journalistic standards. If they're amateur, then they have greatly reduced coverage due to lack of time and experience. If they're professional, then they've either recreated traditional journalism (with all the same difficulties) or they exist explicitly as PR to push some agenda. I'm reminded of the hordes or mattress review blogs that are mostly owned by or tacking kickbacks from some mattress company or other (see https://www.fastcompany.com/3065928/sleepopolis-casper-blogg...).
The idea that blogs could replace journalism is a dated, idealistic, early-00s idea. The best they ever managed to consistently do was to was replicate the hot air of the opinion pages. Sure, occasionally amateur blog gets a scoop, but they're relatively few and far between, separated by chasms of noise.