I don't think it's as simple as mainstream media not trying hard enough. They're not competing with a real media outlet. They're competing with a cesspool that substitutes journalism with dopamine fixes, taking eyeballs away from journalism and engaging them so much that they have little time for it, because it turns out many Facebook-addicted readers didn't really want to read journalism as much as they wanted to read anything... including unstructured conversations and opinions that were produced for free by other readers.
There's not much to like about the Murdoch press, but if you're going to root for something then maybe root for some of the smaller, more local, papers which compete with Murdoch?
We're in a world where subscriptions are drying up because they're competing with people giving away opinions for free, where classifieds have dried up because everyone's flocked to central sites like eBay, and where other advertising has dried up because it's all going to the global megacorporation portals that've sucked masses of people in for spending most of their eyeball time. Newspapers can put up a paywall but unless they have a massive globalesque readership or a very specific niche, it's difficult to compete with random people making crap up and saying it on the internet, unless you're willing to produce increasingly outrageous headlines.
It's not a perfect arrangement, but some of those smaller publications, which want to do real useful journalism, might even find an avenue to stay afloat and keep their journalism alive if the entities that have positioned themselves in front of the content they publish will pay something for them to produce and publish it.