Obviously YouTube is going to cave to advertiser pressure and start to restrict what videos can have ads, their whole existence depends on it, and if I worked at YouTube i'd see demonetizing some videos as a welcome alternative to closing the whole thing down.
I don't blame the advertisers one bit from wanting to remove their ads from many videos. Once the media starts playing the game that "an ad on the video == the advertiser agrees with the message" I too would want to do everything I can to ensure that I'm not associated with bad things.
Media outlets are (in many cases) just trying to report on things. They are (correctly) pointing out how many users and creators are upset with YouTube's moves in this case, and how many advertisers are upset about being associated with "bad" videos.
Obviously there are things that each group can do better (YouTube could stand up to the Advertisers a bit more, Advertisers could push back on the notion that "an ad == approval", and the media could stop trying to "stir up" controversy), but in each case the thing that is better for society is worse for that group (at least in the short term). I can absolutely see an alternate universe where people are boycotting Coke because they allow their ads to run on gun videos, or where YouTube ends up losing out to even more money because they won't enact more strict rules about which videos can have ads.
I don't know the answer here, but it's obvious that the current "solutions" aren't working.