The Big Hack might be true or not, but it's not far fetched. There might be more at play here. Watch this https://www.youtube.com/watch?v=RqQhWitJ1As&feature=youtu.be
So where is even the evidence that it might be true? Bloomberg did a fluff piece without any data or evidence to support their claims. And worse than anything, they kept their story alive despite all the suspicion raised by other companies. That's pretty bad for a journalistic body.
> folks thought Echelon was a joke
I'm not sure what sources you refer to, but most people at the time thought that something like Echelon was true in some form or another. The main thing that Snowden did is to show evidence of wrongdoing, the extent of the data collection scope, and the complicity of numerous high profile companies.
But the specific allegations raised in the "The Big Hack" appear to be without basis.
In my mind it looks more like "Weapons of Mass Destruction" BS that once saturated the media.