They times have changed, and it seems going back is not an option. Before Google big publishers were the default for many people, either on paper or online. Now publishers are in the headline business. Also if they write good things, people will read it still.

They lost some/much of their network effect. And sure, we can say G is sucking up revenue, but they also make it possible to advertise for whatever keyword you want, much more effectively, than publishers did. In this sense G is just a better paper, truck, road, printing press and ad-sales-house in one. Pretty hard to beat it.