It's also complicated by the fact that news/journalism is the process we use to hold the government/powerful accountable. There are serious agency problems that would develop if the government (or any group) were to regulate it. This is why freedom of speech is such an important part of the constitution.

Also the USA would not exist if it were not for fake news. It was the arrival of printing presses in Boston which allowed political groups to create fake news to inflame the revolution[1], so it's not always clear fake news is a bad thing (I'm English but I think the creation of democratic America is one of the greatest common goods the world has seen, though i'm sure we can debate that).

[1] Source: https://en.wikipedia.org/wiki/The_Penguin_History_of_the_Uni...