When everyone is given a loudspeaker, and the power to create an audience of millions; when "journalism" is equivalent to any random opinion; when anyone with the will and a negligible amount of resources can promote their agenda... No amount of oversight can bring back balanced discussion about actual facts. Reversing a post-truth society cannot happen without radical disruptions to the system that got us here in the first place.
Whatever you think it did, it almost certainly did not do that. In practice it meant that J. Random Crazypants would be allowed to give an editorial -- sometimes in the middle of the night, and sometimes as 60 second after the news. Additionally the Doctrine never applied to Cable TV for obvious First Amendment reasons.