I take this to imply a dichotomy that does not exist: it isn't just MSM vs the rest. There is a lively, informative section of the press which is dedicated to specialist topics, or specialist treatment of current affairs, etc. Le Monde Diplomatique is a great example of this: a relatively narrow readership, fortnightly publication, and high quality articles written by experts who are good at communicating with the public.
By contrast, most people who talk about non-MSM outlets are referring to places that publish actual fiction, YouTube channels, or thinly veiled propaganda outlets.