I guess the hope is that, in a healthy media ecosystem, anything important enough to have a constituency gets reported truthfully and legally fact-checked by somebody.

The public are still free to care which truthful things they care about (or want to pay attention to)—and part of the job of politics is still to try to direct attention toward aspects of truth that favor your political aims. But with sufficiently many truth-motivated reporting organs reflecting sufficiently many constituencies, the work of truth-finding gets done.

That, I think, is the loss.