You’re not wrong that there could be a damage done to the public figure/journalist's reputation. There could. But on the basis of New York Times vs Sullivan (a landmark Supreme Court decision and one of the most important first amendment cases), that doesn’t outweigh the free speech rights of the press. Moreover, the public figures by their nature, have more access and ability to respond to a defamatory claim, because they gave their own platform and reach. That’s why the standards of actual malice and reckless disregard are so high.
This is from a website with a very good definition of libel law (https://www.freedomforuminstitute.org/first-amendment-center...):
> The different standards exist because public figures are at the center of matters of public concern–matters that the press should report on as part of its “watchdog” role on the government. If journalists could be punished for every error published about a public figure, they might avoid reporting on controversial subjects that concern the public. The public would lose access to crucial information. > > Also, public figures generally have greater access to the media in order to counter defamatory statements, and to a certain extent seek out public acclaim and assume the risks of fame.