The problem is that people's tastes differ, and what content someone will hate, another person will happily consume. For example, Brad Frost appears to hate 24-hour news network...I actually like them. Why? Because I find those 24-hour news networks "genuinely useful things". Brad Frost doesn't.

But let assume that we do live in a world where 90% of the Internet is trash, and we agree that they are trash. The idea that consumers will gravitate towards the remaining 10% still seems fairly odd. It takes a lot of time and effort to actually find good, quality content, and it seems more likely that consumers will just tune out everything, and avoid going anywhere.