Or put your trust in some external organization, which is what you're doing if you accept reported news as fact.
This means the journalists are now beholden to the class of people who pay substackers; I suspect the feedback loop is much tighter (lose subscribers soon after publishing an article that speaks truth-to-the-new-power). This also encourages echo-chambers - writers will learn to know what their readers like and will stick to it: their income literally depends on it!
At least the choice is the reader’s, the feedback is immediate and the start-up costs low.
So yes, each individual would be beholden to their audience. But it would be much healthier than everyone being beholden to the much smaller collection of groups who pull the strings of influence in our present situation.
I think it's a recipe for insular bubbles.
Invading Iraq on nonexistent evidence was actually 'saving the world from the imminent threat of an unhinged dictator actively developing WMD with the intent of using them, alongside endless irrefutable evidence.' The Iraq War, and especially the following two articles, played a major role in developing my worldview. I still return to read them on occasion. This is why you don't want media backed by the war machine:
Washington Post - "Irrefutable" : https://www.washingtonpost.com/archive/opinions/2003/02/06/i...
NYTimes - "Irrefutable and Undeniable" : https://www.nytimes.com/2003/02/06/opinion/irrefutable-and-u...
That could mean hard hitting journalism that's truthful and unbiased, but it could also mean ragebait that keeps the audience angry, engaged, and affirms their views.
We know very different people. People I know say they want to eat healthy and learn new things. Then they eat McDonalds while watching TV reruns.