Although, now I come to think of it, for years we did have default reading material, it was called a mass-market newspaper, and it wasn't all that bad. Newspapers are very readable and fairly sensible, content-wise, compared to something like reddit, because they're carefully designed by a small group of people to appeal to a broad cross-section, whereas the dynamics of social news sites tend to push shiny junk to the top.
A newspaper is like a default shopping cart which contains meat, vegetables, eggs, milk, bread, and rice. Not all of it is to everyone's taste, but if it arrived at my door every week I wouldn't die of malnutrition. Reddit is like a default shopping cart constructed by polling a thousand teenagers on their favourite foods; it contains twinkies, cognac, Junior Mints, bacon, Twizzlers and beer.
I actually doubt that. Sure, there were social advantages to having a smaller body of reading material that most literate people had read. But the Internet allows us to do two different but important things: truly democratize editorship (like reddit), and enable niche editors to easily distribute their content (like slashdot, slashfilm, or techcrunch).
Oh look, a picture of a velociraptor with a caption. And someone's cat. A terribly-drawn cartoon about why console gaming is better than PC gaming. Someone else's cat. Another cat. I'VE SEEN CATS BEFORE, PEOPLE!