I respect your contrarian tendency, and have only anecdotal evidence to offer.
I spent about 10 years abroad as a foreign correspondent and editor for some major publications. During that time, I saw the foreign bureaux of most major US news organizations eviscerated. Staff was chopped, layoffs every year, offices consolidated, many newspapers simply gave up on covering foreign news with people on the ground. That was a really disappointing time.
There's always been a lot of trash in journalism. And there's still a lot of high-quality stuff.
But as the news changes, there's a structural problem is measuring how good it is.
Only newsmakers (the people behind the closed doors negotiating and making decisions) know what's really going on. Only they possess the test set to measure the reporting against. And unless there's an investigative reporter who has built relationships with them and convinces them to talk, the public will never know what actually happened, or know what public figures are hiding.
The substitute for great investigative reporting isn't necessarily bad journalism. It's usually silence. How do you measure that? How do you know that no one wrote a story about something that you weren't conscious of? You don't. You're simply unaware. And that makes the parasitic special interests undermining the general welfare of this country and every other incredibly happy.
There's a reason why investigative reporting is the first to fall: It's incredibly costly in terms of time, money, effort and even social relationships.
News organizations and publishers put their reputations and networks on the line every time they blow the lid off a huge story. Reporters work for months cultivating sources' trust and learning where to look for and understand obscure documents. This kind of reporting doesn't make sense now that ad dollars have moved to Google. It doesn't have a place at Buzzfeed or Upworthy, because it's a huge risk and doesn't necessarily drive traffic, even if it impacts policy and elections.