Journalists have certain privileges over the average citizen – they get access to inside information, public figures and press conferences. An attack against a journalist creates more outrage, because it is seen as damaging the free press. These advantages are not given so that journalists could make money or satisfy their curiosity. The privileges are provided to help journalists serve the public interest, similarly to the delegation of decision power to politicians. People being people, some journalists abuse the privileges. They do not inform the public, only entertain to make money. This takes the form of sensationalism: covering frivolous topics that sell well, but do not provide useful knowledge. For example celebrity gossip, funny animals, manufactured controversy.
It would be fair to remove journalistic privileges from tabloid reporters and stop calling them journalists. They are just nosy people. The problem is that whoever decides on giving or taking privileges, gets power over the media. Therefore this authority should not be the government, but an independent organization. However, some rights and protections of the media are legislated, so a non-governmental body cannot change them. The legislature would have to delegate its authority in this sphere to the hypothetical independent regulator first. Given how much politicians wish to influence journalists, this decision seems unlikely.