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1. To let you know about local or world events that could affect you and those close to you.
2. To let you know about world events that affect others far away, in order to judge the effectiveness of political decisions and the necessity of future political decisions.
3. As a form of entertainment derived from the ongoing story of world history (or celebrity gossip, or whatever else).
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#1 is the reason that news feels important enough that tuning it out completely feels irresponsible, but it's a very small component of most news.
#2 is perhaps necessary for democracy to work, but it's so easy to manipulate, and the incentive to manipulate it is so high, that it's questionable whether this type of news has ever existed without being more manipulation than fact---and this has been true since long before the internet.
#3 is the real reason most people (myself included) read news, even when they convince themselves it's #1 or #2. And it becomes unhealthy because, as long as you're convinced you need to care deeply about what you're reading because it's actually #1 or #2, it will inspire constant anxiety.
I would be interested to see a type of (perhaps government-funded) news service whose sole purpose is to publish only news that fits into category #1: if it is not reasonably likely to affect the average reader in an actionable way in the next 6 months, then it can't be published in this outlet.