While (some) publishers may be able to survive behind a paywall, the average citizen is unlikely to subscribe to more than maybe one or two. Where currently they may get their news from dozens of independent outlets, they will inevitably be restricted to far less diverse set.
You can easily do the following experiment: try not visiting any websites that have advertising for a month or so. Almost by definition, this is will be a loss for you (because otherwise you would not visit any such sites now).
Now, some people will argue that all these creates should simply adopt some other business model. I think that's obviously foolish, considering the sizeable number of failed attempts. But if you believe that, say, half of all publishers can somehow pull it off, the question becomes: Is avoiding ads worth cutting the amount of professionally-produced content in half?
And, if you are wrong and 90%+ of newspapers, literary platforms, trade publications etc. actually die in the process: would we not lose something far more essential than what we gained?