One of the big issues is the amount of quality reporting that is behind paywalls. Many of us can afford one or two subscriptions, but nowhere near enough to get behind the paywalls in multiple areas, e.g. financial news, political new, local news, favorite college team, favorite pro team, etc. However, we still want whatever information we can get, so we end up feeding the problem by clicking on any article that promises some new facts or a different take. It was much better when the entire industry was driven by ad sales. When you visit a site with a paywall and see topics you can't read and can't afford, you begin relying on these less scrupulous sites.
To be clear, I am not knocking anyone who chooses the paywall method. Everyone has the right to monetize the best way they can. I just think it exacerbates the problem.