"In response, the word "media" is so broad anymore that it's almost meaningless."
Fair point, I think we need to start distinguishing between all the different types better than we do.
"Newspapers have a much higher set of legal and ethical standards than cable "news" networks, which often seem to have no standards at all."
I'd also add that cable news completely blurs the lines between "opinion journalist/pundit" and "reporter". This is also part of the problem. Is Jim Acosta a reporter or an opinion journalist? Well, he's either or both, depending on what show he's on. It shouldn't work like that. People need to know who the trusted talking head is and who is the person who is going to give you (ostensibly) educated opinion.
Take Fox. Fox has a serious news operation which is center-right and has a political learning, but at least tries to maintain some level of journalistic standards.
But when you say "Fox News", you conjure up visions of Hannity and Carlson and Ingraham, who are NOT journalists, but entertainers.
It's a real mess out there for any person trying to stay informed.
To your original point....I don't see how the formerly respectable media regains the gravitas that they had during the Chronkite or Russert eras. There's just too much shit flying around.