I don't know what an internet without all of the worthless ad-supported "content" looks like, but however it looks, suspect it is the steady-state equilibrium that will exist in the future. Because the ad-supported business model -- bad UX by definition -- is so obviously a house of cards.
In this world, I can imagine a patronage model working: wealthy individuals support particular journalists, perhaps privately, and the infrastructure of the internet is used to get the word out in a way that is analogous to the chat or messaging of the present.
The advertising supported web has created perverse incentives, which doesn’t serve web users.
I don't see how paying for journalism solves anything on itself. You have to pay for specific kinds of journalism and create tools to allow discovery and differentiation of that journalism.