Even the flimsiest of technological improvements could radically improve the trustworthiness of the notarizations, but by and large the system works, so there's not much of a reason to fix it yet.
Including many technical spheres, and particularly including the vast majority of the software world; formal verification exists in software, of course, but is most notable in not being used for most of it. Yet, even without that, there's usually a release process that includes the moral equivalent of a certification—without formal verification or certain knowledge—that the software does what it is supposed to.
'Fake news' takes advantage of something much more simple. People believe what they want to believe. In other words the people led on by fake news tend to already want to believe what the news is about. When we see something that confirms our biases, many of us don't question it. And this is made even worse since people tend to work as apologists for fake news from sources they like, so instead of being able to discuss the issue of fake news - it ends up dividing people into splits on the 'fake' topic at hand, which in contemporary times is most often political.
Well, yeah, that's what I was referring to. If you perceive someone as being from your tribe then you are predisposed to believe what they say, and if you don't then you aren't. Nowadays tribes are much bigger than they used to be, and tend to center around ideologies more than geography. But otherwise it's monkeysphere dynamics at work.
That said, I do agree with your sentiment that the blockchain-as-a-solution space is getting a bit ridiculous. I can't imagine a way to translate this problem into a smart-contract-solvable form.
You can do some clever things to figure out who it is that leaks stuff, but that's another issue.
This is usually only noteworthy when it fails, but by and large it works. The friction involved if we did not generally accept someone's (signed, notarized, appropriately formalized) word as bond would cause our world to grind to a halt.