Where on earth does what I quoted from the Mediaite article say journalists no longer have college degrees???
If the money wasn't there, and most won't become media stars, what's the draw?
I think a lot of people who start out as journalists give it up fairly quickly. Though most newspaper and magazine writers of the past were never really well paid. Not everyone becomes Woodward and Bernstein. While most journalists eventually got a byline, they didn't get much recognition. But there was always a separation in the field: there were celebrity journalists--war correspondents, investigative journalists, syndicated columnists--and there was everybody else. Some of the everybody elses enjoyed their work and could make enough to live on it. They stuck with it. But others drifted into marketing, publicity, and other fields that paid better and offered more chances for advancement.
Now, the current infestation of social media influencers has made things worse. You can easily see that a dangerously large number of people can no longer distinguish reputable sources from pure junk. Some of them post right here on this board.