That's one way of looking at it. Another way is "It was ever thus."

Another way still is that it's a self-solving problem. Those people producing garbage content will run out of (haha) steam when they find they're not earning millions per ten-word-post. Meanwhile, those that stay grinding, stay improving their content, stay learning the system and acquiring real followers, real mentors and a real tribe around them? They'll get there. See you on the cover of Moby Dick :D