There is seriously no end to the number of newsworthy things to cover. The problem is that there are limited resources for coverage. It's expensive to staff a desk full of people who can find interesting topics and tell good stories about them for every subject area under the sun. It takes a lot of people with very variegated kinds of subject matter expertise.
It's much cheaper to have 4 or 5 people whose main skills are theater criticism level analysis of political events (i.e. how does this play with various demographics) and a skill of manipulating emotions to spend all their time speculating over nonsense instead. Just put them in a suit and have somber music on and we can pretend this is a serious matter instead of idle gossip.
Not when it also needs to be "entertaining". When you watch Fox, CNN and others they convey almost zero information about actual issues but only emotion and opinion.
Now, that 24/7 news cycle gets carried around in your pocket daily and you get to see other people commenting on it.