The key was that people self-selected into those outlets. If you were selling, say, game controller skins; you'd be making a pretty sure bet buying ads in GameInformer or on Joystiq. The problem with going back to that kind of business model is that these dedicated websites with specific niche audiences are dead or dying because the ad dollars moved elsewhere.

Shouldn't the ad dollars be moving back in after super targeted advertising got neutered?

It kind of is. Look at magazines like Monocle, and websites like Uncrate, Hiconsumption, and Gearpatrol.