It's all well and good in theory, but no one publishes the follow-ups because they don't get engagement. Unless there's a very good story behind it, the vast majority of dismissals go entirely unreported, so the only record you get is that so and so was arrested. If it turns out that they arrest someone else for the same crime, you might get a follow-up that mentions that the original person was exonerated. But you certainly don't get a report that "such and such wasn't actually as exciting as it first appeared so charges were dropped".

As you say, this case is the exception, but there has to be a decent middle ground that allows exceptions and doesn't allow casual voyeurism.