This is a massive oversimplification.
The old paper journalism business "prioritize[d] content that generates views, rather than good reporting" all the time. It was called "yellow journalism", it incited the Spanish-American War, and it was the business model of William Randolph Hearst and Joseph Pulitzer. In other words, if you are an excellent journalist, you get a prize named after the guy who founded and ran the Gilded Age equivalent of Buzzfeed.
Each US city used to have maybe dozens of newspapers of varying quality and bias. (This is similar to the UK newspaper landscape--in fact, the lower end of that landscape includes the Daily Mail, which translated its tabloid journalism model rather seamlessly to the era of clickbait.) What started killing print journalism was radio and later TV journalism, which were far less substantial (because they lacked the information density of the written word) but far more appealing (because of the ease of consumption and the stimulation of sound and video). This is what culled the vast newspaper markets down to the city-wide monopoly or duopoly system. And because the remaining newspaper readership consisted of the more literate and invested members of the population, print journalism briefly had more journalistic value.
Then cable news disrupted the broadcast networks, talk radio disrupted the editorial oligopoly of the major newspapers and TV news, and finally the internet broke the whole thing wide open. Including the glorious period of time when "blogs" were considered a serious threat to "legitimate journalism".