Today, it is just a bunch of people collecting tweets of random people on the interwebs. Race to publish before competition means there's no time for editorial review of simple things like grammar and coherent thoughts let alone accuracy, so lots of FUD can be spread very quickly as "news".
Those well thought out articles are also considered too long and boring and get reposted on socials as TL;DR as if it were their own thoughts.
We used to make fun of the microwave generation with "I want it now" type comments. Now, it's I need it in less than 140chars, or I'm scrolling past it.
The death spiral you describe is like a train wreck that you can do nothing about.
News has become a weird kind of curation market. And the funny thing about this payment arrangement that publishers want is that they are not paying any of those tweeters who may be breaking the news or themselves curating the info.
This was only desired and seen as useful and interesting when people had nothing else to do.